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Diamond & Specialty Minerals Summary for May 30, 2023

2023-05-30 21:09 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a dismal 54-118-138 as the TSX Venture Exchange fell nine points to 596. Ewan Mason's Star Diamond Corp. (DIAM) held its annual general meeting today, with investors eagerly awaiting word of a possible breakthrough in the impasse with Rio Tinto regarding their shared FalCon diamond project in central Saskatchewan. Rio Tinto holds a 75-per-cent interest that it acquired by spending over $200-million on exploration through the late 2010s -- and through nearly two-years of litigation thereafter -- only to have it mothball the project and look for an exit just six months later.

That was a year ago, and Star Diamond has been waiting impatiently for its balky co-venturer to find its way out on reasonable terms. Lately, Mr. Mason, chairman and interim chief executive officer since the start of the year, had been promising one way or another, investors would know the status of the deal, and where Star Diamond would be headed. Not so, as it turns out. Today Mr. Mason said that because of developments late last week, "corporate counsel has gagged me," so investors will have to watch and wait.

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