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Diamond & Specialty Minerals Summary for Nov. 19, 2020

2020-11-19 20:32 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a weak 71-90-139 as the TSX Venture Exchange added three points to 729. Ken MacNeill's Star Diamond Corp. (DIAM) closed unchanged at 16.5 cents on 212,000 shares. The company has an internal study that "reinforces its belief" that extraction and diamond recovery methodologies used by Rio Tinto Exploration Canada Inc. (RTEC) are causing undue diamond breakage, resulting in significant unnecessary cost overruns and materially damaging Star's interest in the Star-Orion South (FalCon) project.

Star cites RTEC's "unprecedented use of unproven civil engineering trenching technologies to conduct bulk sampling of kimberlite" as its primary concern and has told RTEC that it will be amending its statement of claim to include "additional claims related to diamond breakage and [RTEC's] use of unproven methodologies without advance testing." This is the litigation that Star Diamond began in March with the intent of having RTEC's option exercises and declaration of a joint venture covering the FalCon project declared invalid. Star is now upping the ante in a lawyerly way, by seeking, if necessary, to remove RTEC from the project.

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