Shares of CNK International, the parent company of C & K Mining, has shot up by the daily maximum increase of 15% for five of the last six trading days on the Korean Exchange, the Wall Street Journal reported last week cited by Israelidiamond.co.il. The surge in trading activity came in light of news that C & K acquired the rights to develop a diamond mine in the central African nation of Cameroon for the next 25 years.
Although the diamond industry deal with Cameroon looks promising, stock market investors were warned three months ago by the stock exchange to act cautiously with regards to CNK stock. The apprehensiveness surrounding potential investment in CNK is due to a similar rapid increase in the stock's value in January of this year which was later found to have relied on false information.
Months ago, a senior Korean foreign ministry official issued a press release heralding a CNK diamond deal in Cameroon which caused the price of CNK shares to multiply four-fold. The claim made in the press release, that the Cameroonian mine in question contained 420 million carats of diamonds, was later discovered to be wildly inaccurate.
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