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Diamond & Specialty Minerals Summary for Feb. 21, 2024

2024-02-21 19:11 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a mediocre 69-91-150 as the TSX Venture Exchange fell one point to 550. Ewan Mason's Star Diamond Corp. (DIAM) closed unchanged at eight cents on 279,000 shares. Star continues to wait for regulatory approval of its separation agreement with Rio Tinto Exploration Canada Inc. (RTEC), which will give it full control of the Fort a la Corne diamond project in central Saskatchewan. That is the only wait, however, as Mr. Mason, the company's chairman and interim chief executive officer, and his crew are keeping busy.

Last week, Star appointed Nelson Karun to its technical team as a diamond specialist. Star Diamond offered no details about Mr. Karun having "joined" the company -- how much will he be paid and will he be paid in cash or incentives being the key questions bandied about by the company's long-term faithful shareholders. It appears clear that he will be more than a for-hire consultant, as he had been serving Star in that capacity for the past three years. And so, Mr. Karun's appointment suggests that Mr. Mason expects to have steady work for him.

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