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Diamond & Specialty Minerals Summary for Oct. 7, 2019

2019-10-07 19:59 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a weak 56-83-161 as the TSX Venture Exchange fell two points to 556. Rough diamond prices slipped again this week, according to the Zimnisky global rough diamond price index, this time by 0.17 per cent. Prices now barely above their mid-August nine-year low, are down about 7 per cent from mid-2018 and are just two-thirds of what they were in 2011. As a result, Canadian diamond miners continue to struggle. Mountain Province Diamonds Inc. (MPVD), over $7 three years ago, is much lower today, managing an eight-cent gain to $1.26 on 69,000 shares.

Two sputtering Howe Streeters had plans to streamline their diamond promotions derailed late last week. The first, Samer Khalaf and Terry Tucker's Tango Mining Ltd. (TGV), down one-half cent to one cent on 442,000 shares, has cancelled its sale of the Kwena Group, which holds coal assets in South Africa, back to Kevin Gallagher. Tango said late in July that it intended to sell its 74-per-cent interest in the Kwena companies to Mr. Gallagher for the 39.99 million Tango shares he currently holds and the elimination of $723,000 in debt owed by Tango to Kwena. Mr. Gallagher had acquired the shares in 2014, when he sold his interest in the Kwena companies to Tango for $2-million in cash.

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