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Diamond & Specialty Minerals Summary for Nov. 14, 2023

2023-11-14 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 94-75-141 as the TSX Venture Exchange rose five points to 516. Dr. William Lamb and Adam Lundin's Lucara Diamond Corp. (LUC) revealed the results of its third quarter after the close Friday -- timing heavily correlated with bad news -- and so it lost 1.5 cents to 33 cents on 142,000 shares Monday. Nevertheless, Dr. Lamb, recently reinstalled as the company's president and chief executive officer after a six-year hiatus, was brimming with good cheer.

Dr. Lamb pointed to his company's $10.5-million (U.S.) third quarter profit and its nearly $57-million (U.S.) in revenue, deeming the results "very good when considering the market dynamics and the current state of the diamond sector." (Dr. Lamb returned to the company's corner office in mid-August, halfway through the third quarter. He succeeded his successor, Eira Thomas, who reportedly fell from the Lundin family's good graces because of lengthy delays and cost overruns at Lucara's big underground expansion of the Karowe mine, which is expected to extend the mine life from a few more years into the early 2040s.)

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