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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