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Diamond & Specialty Minerals Summary for April 3, 2020

2020-04-03 20:48 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was an upbeat 78-60-164 as the TSX Venture Exchange lost two points to 383. Polished diamond prices -- at least for those still buying -- inched higher today and are up about 1 per cent in the past week, following a 4-per-cent drop over the previous month.

Governmental response to the COVID-19 pandemic forced the temporary closure of two more diamond mines this week, this time in South Africa. The first, Krone-Endora at Venetia, operated by Dean Taylor's Diamcor Mining Inc. (DMI), is technically just an exploration project in trial mining; a status it has held since 2013. Mr. Taylor, chairman and chief executive officer, echoing the comments of all stock promoters in all sectors, says that his focus remains the health and safety of Diamcor's employees, consultants and their families -- and probably their pets as well.

In fact, it falls to the South African government to focus on such matters -- hence its edict last week to close all non-essential businesses until at least mid-April -- essentially relieving Mr. Taylor of his health and safety worries and leaving him to worry about the health of his company. "We have overcome many challenges over the years," he says, adding that he and his crew will evaluate and revise their plans as necessary to get back to work as soon as possible and "continue to build on the positive momentum we established entering 2020." Mr. Taylor was being rather optimistic: While Diamcor had certainly slowed its negative momentum last year and was poised for a turnaround this year -- until the pandemic hit -- its moves had yet to pay off.

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