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Diamond & Specialty Minerals Summary for Feb. 25, 2021

2021-02-25 21:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a terrible 43-158-99 as the TSX Venture Exchange fell 28 points to 1,032. Diamond miners are relieved that rough diamond prices have recovered the ground lost -- and more -- since the pandemic hit, but the rally took a breather last week with prices off 0.4 per cent according to Paul Zimnisky's global rough diamond price index. The index had been gaining altitude since prices fell off a cliff late in March, an increase that accelerated from mid-fall to midwinter, but prices have been zigzagging sideways for the past month.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) lost four cents to 75 cents on 299,000 shares. The company's cash cow, the Karowe mine in Botswana, was much harder to milk last year, according to its 2020 annual report. Lucara reported $373.4-million in revenue during 2020 from the sale of nearly 374,000 carats of diamonds, but it nevertheless racked up a $26.3-million loss.

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