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Diamond & Specialty Minerals Summary for Aug. 29, 2023

2023-08-29 20:23 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 107-85-118 as the TSX Venture Exchange rose four points to 587. Adam Lundin and Dr. William Lamb's Lucara Diamond Corp. (LUC) added two cents to 45 cents on 287,000 shares. Lucara's stock, above $4 in 2016 when it looked like the company's Karowe mine in Botswana would be coughing up a few $50-million diamonds every year, has bounced off a bleak 35-cent low recently, thanks to renewed recoveries of some huge, top-quality gems from the low-grade but high-value mine.

The most recent find came last week, with word that a 692.3-carat diamond had been recovered in the megadiamond recovery (MDR) circuit at Karowe. The gem, which was over 46 millimetres long, 40 millimetres wide and 28 millimetres deep, a lovely egg-shaped diamond to be sure -- was classified as a Type IIa high-white diamond -- a particularly valuable gem in other words. This, cheers Dr. Lamb, Lucara's recently reinstalled president and chief executive officer, is the fourth plus-300-carat diamond recovered this year.

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