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Diamond & Specialty Minerals Summary for July 26, 2022

2022-07-26 20:15 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a weak 68-104-138 as the TSX Venture Exchange fell three points to 605. Ewan Mason and Ken MacNeill's Star Diamond Corp. (DIAM) lost one cent to 12 cents on 227,000 shares. The company's stock took a big hit at the end of June, after Rio Tinto Exploration Canada Inc. (RTEC), the company's co-venturer at the FalCon diamond project in central Saskatchewan, served notice that it is considering its options, one of which is quitting the project.

It apparently came as a complete shock when RTEC sprung this bad news on Star Diamond, its junior partner, at a late June management committee meeting. Star had been anticipating being carried through an aggressive exploration program at the project for the coming year, and until RTEC made a positive production decision. Now, with FalCon in mothballs indefinitely and RTEC seeking a possible exit, investors are left pondering the identities of possible new partners that might be champing at the bit, looking for an entrance.

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