Star Diamond Corp. Shares Fall as JV Partner Keeps Project Closed in Saskatchewan
October 24 2022 - 10:41AM
Dow Jones News
By Adriano Marchese
Star Diamond Corp. shares dropped in early trading Monday after
its joint-venture partner, Rio Tinto Canada, hasn't shown any sign
of deviating from keeping their shared diamond project in
Saskatchewan on care and maintenance status.
At 10:05 a.m. ET, shares were trading 21% lower at 8 Canadian
cents (6 U.S. cents).
On Friday after markets closed, Star Diamond said Rio Tinto
Canada continues to keep the site under care and maintenance while
it weighs its commercial options for the project.
Rio Tinto noted that it is actively looking to minimize its
costs there.
The project was first placed on care and maintenance in June,
and Rio Tinto said at the time that this would go on until the end
of the year. It also said it didn't intend to commit additional
capital to the project in that time as well.
Star Diamond said it continues to work with Rio Tinto to assess
alternative options for the project, but said discussions are still
at an early stage and there isn't any certainty they'll reach any
agreement.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 24, 2022 10:26 ET (14:26 GMT)
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