It’s only been 20 years since diamond mining began in Canada, but the industry is already on its knees
The story of how two prospectors, down to their last nickels, discovered diamonds in Canada’s frozen north is the stuff of legend.
“It’s disconcerting, given the way it started,” said Blusson, an active octogenarian who helms diamond exploration company Archon Minerals Ltd. and still flies his own helicopter. “Twenty years is only all we’ve been mining now. Is there going to be another 20 years? I don’t know.” While Canada is now the world’s third-biggest diamond producer, behind Russia and Botwsana, its average selling price is the cheapest of the major diamond mining countries.
Shares PlungeThat may be an understatement. Shares of Longueuil, Quebec-based Stornoway trade near a record low of just 10 US cents a piece, even after opening the US$750 million Renard mine in 2017, the province’s first. It’s a similar story for Toronto-based Mountain Province Diamonds Inc., which owns Gahcho Kue with De Beers. Its shares are close to the lowest since the financial crisis, cutting its market value to below $250 million .
There is also increasing pressure from synthetic diamonds. While still a very small part of the industry, the potential threat they pose risks further hurting sentiment in an already fragile market.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Burke ‘stunned’ by CWHL folding, hopes it’s part of bigger plan - Sportsnet.caHC's Brian Burke explains to the Starting Lineup why he was so stunned by the CWHL folding, why he hopes it’s just part of a bigger women’s hockey strategy, and why this now sets a clear path for the NHL to step in and help.
Read more »
3 Months And 9 Days Is Too Long To Wait For Equal Pay (Blog)There is no reason today why women on average should be making less money than men.
Read more »
Babcock, Matthews reveal why Maple Leafs match up better vs. Bruins this year - Sportsnet.caMike Babcock, Auston Matthews and Ron Hainsey talk about how the Maple Leafs have grown and changed compared to last year's team that was bounced by Boston and why they should fare better against the Bruins this year.
Read more »
What exactly is the inverted yield curve, and why is everyone so worried about it?Here’s what ‘the yield curve’ refers to and what it might mean for the Canadian economy
Read more »
Why some green investors are passing on Uber and LyftThe climate impact of this year’s two most closely watched initial public offerings is under debate
Read more »
Babcock on why Leafs are better positioned to beat Bruins this seasonLeafs head coach Mike Babcock joins James Duthie to discuss if he'll rest any players before season's end, how he feels about his defence heading into the playoffs, and what makes this year's team better positioned to beat the Bruins this time around.
Read more »
Why your drunk teen is putting on the poundsTeens who binge drink could pack on nearly 15 kg of fat per year, according to recent research from the University of Waterloo.
Read more »
Why does home-ice matter so much between Leafs and Bruins?11 of the last 15 games between the Bruins and Maple Leafs have been won by the home team. So why does it matter so much in this series? The TSN Hockey panel weighs in.
Read more »
Lightning show why they are Stanley Cup favourites with another dominant winThe Senators hung around for about half the game but eventually, the Lightning pulled away thanks to a dominating performance by the line of Nikita Kucherov, Yanni Gourde and Brayden Point who combined for eight points. James Duthie and Darren Dreger discuss and weigh in on the positives that the young Senators showed in defeat.
Read more »
Why Ending A Work Email With 'Thanks' Can Be The Worst OptionHere's how to make the ending of your email count. Sincerely.
Read more »
Opinion: Why is my child on a terrorist watchlist?While Canada’s no-fly list was designed to protect innocent Canadians from terrorist attacks, recent events show that the individuals flagged on this list - including children, falsely - are actually the most likely to be targets
Read more »