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Diamond & Specialty Minerals Summary for May 10, 2023

2023-05-10 20:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a mediocre 79-100-131 as the TSX Venture Exchange rose one point to 621. James Bruchs's Tsodilo Resources Ltd. (TSD) gained one cent to 23 cents on 11,000 shares on Monday.

Tsodilo has been touting its Xaudum iron project in Botswana almost exclusively for the past few years, but that big project has gotten tangled in a legal dispute with the Botswanan government. The bureaucrats -- or is it the politicians -- declined to renew one of the prospecting licences for the project and Tsodilo is fighting the rejection. A decision is not expected before August, and rare are the court cases decided on time. Meanwhile, the clock is also ticking on another project renewal.

Tsodilo acquired a prospecting licence covering the BK16 kimberlite in Botswana through its 2016 purchase of Bosoto Ltd. Bosoto held the underlying licence covering the pipe, and it received two-year renewals in 2017, 2019 and again in 2021. And so, come the end of September, that licence will again be expiring unless Tsodilo, though its Bosoto subsidiary, can get another extension.

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