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Diamond & Specialty Minerals Summary for Aug. 16, 2022

2022-08-16 20:47 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a weak 73-110-127 as the TSX Venture Exchange fell eight points to 669. Frontier Lithium Inc. (FL), a lithium explorer in Northwestern Ontario, slid 23 cents to $2.37 on 1.02 million shares.

Adam Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) jumped six cents to 70 cents on 883,000 shares. The company said late last week that it earned $12.5-million (U.S.) in its second quarter. That doubled what it earned a year earlier from its Karowe mine in Botswana but fell short of the $19-million (U.S.) it recorded in the first three months of the year. Still, with a six-month profit of $31.5-million (U.S.), Lucara is well ahead of last year's pace. The company reported just $9.4-million in net income in the first half of 2021, on its way to a full-year profit of $23.8-million (U.S.).

With rough prices still 13 per cent higher than a year ago and about 25 per cent more than they were at the start of 2021, it would be logical to expect that the improved profit is the result of higher prices pushing revenues upward. That is only partly the case. Lucara averaged just $557 (U.S.) per carat in its second quarter, a far cry from the $690 (U.S.) per carat that it averaged in the first three months of 2022. Indeed, the latest quarter's average is nearly identical to the $552 (U.S.) per carat that Lucara averaged a year ago.

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