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Diamond & Specialty Minerals Summary for Sept. 14, 2021

2021-09-14 19:51 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a weak 81-102-117 as the TSX Venture Exchange lost five points to 897 while polished diamond prices dropped 0.1 per cent. Roger Lemaitre's UEX Corp. (UEX) added two cents to 59 cents on 10.79 million shares. UEX has been a busy trader for the past year, particularly so over the past three sessions in which over 32 million shares have traded, elevating the company's stock from 45 cents to today's high of 59 cents. UEX recently sold 73 million shares at 29 cents.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) lost two cents to 67 cents on 227,000 shares. Lucara has formally approved its plan to move underground at its Karowe diamond mine in Botswana. The low-grade, high-value mine has been a cash cow for Lucara since open-pit mining began nearly a decade ago, and the company is eager to add another 15 years to its life. (Calling Karowe a cash cow seems an understatement: Lucara spent an estimated $200-million (U.S.) buying the property and building the mine -- a sum it recouped in just one particularly profitable year.)

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