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Diamond & Specialty Minerals Summary for Oct. 26, 2020

2020-10-26 20:37 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was an atrocious 34-137-129 as the TSX Venture Exchange fell 16 points to 701 and polished diamond prices edged lower. Dr. William Pfaffenberger's Saint Jean Carbon Inc. (SJL) closed unchanged at 2.5 cents on 2.32 million shares. The company, which recently sold 7.9 million new shares at 2.5 cents to "preserve the company's existing operations" and completed a management shuffle, remains an energetic promoter of things graphite.

The worrisome but predictable predicament facing Canada's struggling diamond sector took a turn for the worse last week, with word that the Diavik mine at Lac de Gras may be in peril. Diavik's operator and 60-per-cent owner, Diavik Diamond Mines Inc. (DDMI), says that its sole shareholder, Rio Tinto PLC, is refusing to kick in more cash to keep the mine running until DDMI can show it can recoup the nearly $120-million it has shelled out to cover cash calls missed by its minority co-venturer, Dominion Diamond Mines Inc.

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