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Diamond & Specialty Minerals Summary for June 11, 2020

2020-06-11 18:12 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a horrid 48-121-131 as the TSX Venture Exchange slumped 23 points to 544. Star Diamond Corp. (DIAM), briefly 34 cents a week ago, has found its way home, dropping another 1.5 cents to 25.5 cents on 465,000 shares today.

Dev Shetty's Fura Gems Inc. (FURA), down 1.5 cents to 17 cents on 25,000 shares, says that its Coscuez emerald mine in Colombia is slowly ramping back up to full production, although it has not yet rescheduled the auction of gems it had cancelled in May. This is the first sign of life from a company that has been more promotion than action since Fura acquired the Coscuez concessions in early 2018.

Mr. Shetty, president and chief executive officer, says that Fura has been busy at Coscuez, which "is being transitioned from an artisanal mine to a fully mechanized operation." (He means that the dig has moved from miners with pickaxes to those with small trucks, a basic jumbo drill, a few scoop trams and tractors.) As well, Coscuez now has a 10-tonne-per-hour pilot washing plant that is "currently being operated by an all-female crew." Mr. Shetty is particularly enthused with his washerwomen, who are apparently more efficient than their predecessors.

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