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Diamond & Specialty Minerals Summary for Oct. 16, 2020

2020-10-16 19:07 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 84-79-137 as the TSX Venture Exchange lost two points to 725. Cuban cobalt producer, Sherritt International Corp. (S), was one of the more active miners today, gaining one cent to 27 cents on 5.32 million shares.

Gaurav Gupta and Dev Shetty's Fura Gems Inc. (FURA), unchanged at 14.5 cents on 11,000 shares, has been granted an additional 30 years on the licence covering the Coscuez emerald project in Colombia. The licence, granted in 1995, expired last week after its 25-year term ran out, but Mr. Shetty, president and chief executive officer, says that the Colombians have renewed it until the fall of 2050. As well, Fura's 76-per-cent-owned subsidiary that owns the licence will be reclassified as a large-scale miner, allowing it to mine more than 100,000 tonnes of material.

In return, Fura will pay 1.5 per cent of its gross revenue into a social investment fund, essentially another form of taxation. The company must also pay a 1.5-per-cent revenue royalty to the government, and Fura also agreed to adopt an international sustainability standard by 2024. Coscuez appears to be nothing, if not sustainable as there seems little chance of the deposit being mined out, perhaps for generations.

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