20:58:06 EST Fri 02 Dec 2022
Enter Symbol
or Name

Login ID:

Diamond & Specialty Minerals Summary for Nov. 9, 2022

2022-11-09 16:44 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a bleak 73-112-125 as the TSX Venture Exchange thudded 25 points lower to 577. Adam Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) nevertheless rose 1.5 cents to 51 cents on 675,000 shares.

Lucara continues to mine huge top-quality gems at its Karowe mine in Botswana, but it sold lower proportions of those gems in its latest quarter, resulting in its weakest average diamond price since the COVID-19 collapse in the spring of 2020. Not to worry, says Ms. Thomas, president and chief executive officer -- Lucara is still on track with its 2022 guidance.

Lucara sold 99,301 carats in its third quarter for $37.4-million (U.S.), about $376.60 (U.S.) per carat. A year earlier, the company sold 117,162 carats for $69.8-million (U.S.), about $596 (U.S.) per carat. Indeed, the company averaged $630 (U.S.) per carat through the first two quarters of 2022 -- handily better than the $508 (U.S.) per carat that Lucara managed a year earlier.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2022 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.