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Diamond & Specialty Minerals Summary for Oct. 29, 2020

2020-10-29 19:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a bright 100-55-145 as the TSX Venture Exchange rose nine points to 687 and polished diamond prices inched upward. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) lost one-half cent to 46.5 cents on 170,000 shares. The company will issue its third quarter results in two weeks; hopefully with better numbers than the $14-million (U.S.) that the company managed in its COVID-19-riddled second quarter. Lucara has racked up hundreds of millions of dollars in cash flow since its Karowe mine reached production in the early 2010s.

Farhad Abasov's Millennial Lithium Corp. (ML), up 10 cents to $1.56 on 46,000 shares, has begun commissioning its pilot plant at the Pastos Grandes project in Argentina. The plant, sited near a resource on the Pastos Grandes salar, is rated as capable of producing up to three tonnes of battery-grade lithium carbonate per month. The pilot plant will be fed by concentrate from pilot ponds that have been receiving brine from the salar since late 2018. Those ponds are nearing the required concentrations -- about 3 per cent lithium -- with the material averaging 2.7 per cent lithium currently.

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