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Diamond & Specialty Minerals Summary for Feb. 22, 2021

2021-02-22 21:00 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was an upbeat 115-92-93 as the TSX Venture Exchange lost 15 points to 1,082 while polished diamond prices fell 0.2 per cent. Ken MacNeill's Star Diamond Corp. (DIAM) closed unchanged at 21.5 cents on 532,000 shares.

The clock is now ticking on a 120-day period after which Star Diamond's co-venturer, Rio Tinto Exploration Canada Inc. (RTEC), can call a management committee meeting for the FalCon joint venture in central Saskatchewan. RTEC had previously said that it would not call a meeting until all the results of a 2019 trench-cutter bulk sample of the Star kimberlite were available, but it says that it certified those results as being complete two weeks ago, setting the clock in motion.

Mr. MacNeill, Star Diamond's president and chief executive officer, insists that is not the case. The company's position is that RTEC must first deliver a breakage study covering the diamonds recovered in the program, so once again, it appears that the matter will be left to a Court of Queen's Bench justice to decide just how much "all" is implied by "all the results."

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