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Diamond & Specialty Minerals Summary for Sept. 5, 2023

2023-09-05 18:21 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a mediocre 89-101-120 as the TSX Venture Exchange rose two points to 594. Diamond miners have a tough time gaining altitude and an easy trip downward. Today, Lucara Diamond Corp.(LUC) fell three cents to 40 cents on 125,000 shares.

Dean Taylor's Diamcor Mining Inc. (DMI), unchanged at 11 cents on 55,000 shares, has been a dogged diamond miner -- sorry, Mr. Regulator, a quarrier and incidental extractor of diamonds -- for the past decade at its Krone-Endora at Venetia project in South Africa. Unfortunately, Diamcor's first quarter results of fiscal 2024 highlight the company's recent difficulties, woes triggered by the inconsistent power provided by South Africa's national energy corporation, Eskom.

Diamcor sold just 2,752.66 carats for a bit less than $875,000 (U.S.) during the first quarter ended June 30, 2023, an average of nearly $318 (U.S.) per carat. A year earlier, the company sold 3,061 carats for just over $557,000 (U.S.), an average of $182 (U.S.) per carat. The drop in carats was bad; worse was the fact that Diamcor's performance a year ago had already been adversely by the blackouts and brownouts imposed by Eskom.

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