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Diamond & Specialty Minerals Summary for March 26, 2020

2020-03-26 17:06 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a positive 84-68-150. The markets rebounded sharply, although the TSX Venture Exchange added just two points to 398. Rough diamond prices had another tough go last week. Paul Zimnisky's global rough diamond price index fell a hefty 1.43 per cent, putting it down 4.5 per cent in the past month and down nearly 11 per cent in the past year. Naturally, Canadian diamond miners are faring poorly. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) had a $4 stock and a profitable mine at Karowe three years ago. Today, the mine is still profitable, but the company's stock ended the day up 1.5 cents to 46.5 cents on 343,000 shares.

Dr. Robert Valliant's Tri Origin Exploration Ltd. (TOE), unchanged at one cent on 161,000 shares, says that it will delay some corporate initiatives and exploration activities that were planned to start in April. Those delayed plans do not affect -- yet -- the diamond exploration program that De Beers Canada has been working at since last fall. Dr. Valliant, president and chief executive officer, says that De Beers has informed him that programs and budgets for continuation of its diamond exploration program at Tri Origin's South Abitibi and Nipissing cobalt properties "should be determined by mid-to-late April."

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