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Diamond & Specialty Minerals Summary for June 5, 2024

2024-06-05 17:05 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a so-so 83-87-140 as the TSX Venture Exchange gained four points to 599. Dean Taylor's Diamcor Mining Inc. (DMI) rose one-half cent to six cents on 27,000 shares. The company trotted off to New York City earlier this spring to tout its plan to boost its crop of quality carats quarried and recovered -- dare one say mined without the regulators furrowing an eyebrow -- at its Krone-Endora at Venetia project in South Africa.

While Diamcor has yet to declare its operation to be a producing mine, the quarrying and recovering have gone on intermittently for at least a decade now, with the company selling over 201,000 carats of gems for $38.7-million (U.S.), an average of $192.50 (U.S.) per carat. The trial mining has generated positive cash flow during the more active quarters, despite water woes in the mid-2010s, COVID lockdowns in 2020 and 2021, and intermittent power brownouts and blackouts for the last few years.

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