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Diamond & Specialty Minerals Summary for Sept. 20, 2022

2022-09-20 18:49 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a miserable 67-116-127 as the TSX Venture Exchange fell nine points to 616. Ewan Mason and Ken MacNeill's long-running but now short-on-its-luck diamond company, Star Diamond Corp. (DIAM) fell one-half cent to 10.5 cents on 51,000 shares.

Star Diamond traded as high as $8.75 when it looked to develop its mammoth FalCon diamond project in central Saskatchewan on its own back in 2007. Its stock then collapsed, spending several years in 20-cent purgatory, before clawing above 50 cents in early 2020. That was when Rio Tinto Exploration Canada Inc. (RTEC) appeared set to complete its second $100-million exploration program on the project, thanks to it speeding through an earn-in period and declaring the formation of a joint venture late in 2019.

In a move it may now regret, Star applied the brakes at FalCon through a two-year court battle, a fight that sent the company's share price back to its 20-cent perch. The warring factions settled their dispute about the joint venture late last year and Star's fortunes, and its stock price, were looking up -- that is until RTEC shocked the company and the market late in June with word it was mothballing the project, and worse, was pondering an exit.

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