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Diamond & Specialty Minerals Summary for Nov. 12, 2019

2019-11-12 20:03 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a horrid 44-86-170 as the TSX Venture Exchange rose one point to 536. The long dead feline of rough diamonds has lost its bounce, as prices slid 0.36 per cent last week, according to Paul Zimnisky's global rough diamond price index. This represents another new multiyear low, with prices at about two-thirds of their 2011 highs. As a result of the bleak decade for diamonds, explorers and would-be miners are finally dispensing with the escalation factors they have been building into their dream sheets and feasibility studies for the past 15 years.

Glenn Kasner's RJK Explorations Ltd. (RJX.A), up one-half cent to 12.5 cents on 902,000 shares, is nevertheless expanding its diamond hunt in Northeastern Ontario. The company took up the hunt early this year, acquiring an option on the 2,090-hectare Bishop kimberlite project, south of Cobalt. (The option allows RJK to earn a 100-per-cent interest in the project from prospector Anthony Bishop through spending $1-million on exploration and paying $100,000 in cash and issuing 2.5 million shares over a four-year period.)

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