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Diamond & Specialty Minerals Summary for Feb. 18, 2021

2021-02-18 20:26 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a dismal 68-152-80 as the TSX Venture Exchange retreated 12 points to 1,072 while polished diamond prices dropped 0.1 per cent. Rough diamond prices continued their climb last week, according to Paul Zimnisky's global rough diamond price index. Prices added another 0.4 per cent and are about 18 per cent above their COVID low of early spring. Despite the new enthusiasm, prices still have a way to go in the longer term as they are about 20 per cent below their peak of spring, 2011.

Canada's largest -- and most reluctant -- diamond explorer, Newmont Corp. (NGT), lost 11 cents to $72.27 on 373,000 shares. The company is running out of time with the 1.1 million share purchase warrants that it acquired in mid-2017 through its sale of a 31-per-cent interest in the former Fort a la Corne (FALC) joint venture project that it shared with Ken MacNeill's Star Diamond Corp. (DIAM: $0.225). Newmont exchanged its dwindling interest in the FALC project in exchange for 53.8 million shares, plus the share purchase warrants that would allow Newmont to exchange them for shares at 34.9 cents apiece over a 45-month term that runs out in about a month.

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