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Diamonds & Specialty Minerals Summary for Apr. 13, 2015

2015-04-13 20:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a weak 38-54-158 as the TSX Venture Exchange fell three points to 695. Polished diamond prices, up 1 per cent today, are now up 7 per cent from early this year, but remain 10 per cent below their 2011 peak. Patrick Evans's Kennady Diamonds Inc. (KDI) dropped 10 cents to $4.75 on 16,000 shares. Kennady's stock jumped $1.30 last week to a 2015 high, up from just $3.01 three weeks ago, on word the company has recovered 436 tonnes of kimberlite from its Kelvin kimberlite, 250 kilometres northeast of Yellowknife. Kennady is also getting encouraging drill hits at the nearby Faraday kimberlite. Cristiano Melcher's beleaguered MBAC Fertilizer Corp. (MBC) jumped 5.5 cents to 13.5 cents on 22.25 million shares. The sad stock dipped as low as one cent two weeks ago when the threat of bankruptcy loomed large. The company's financial plight has not improved since then, but it said last week that it had received "non-binding indicative offers and expressions of interest from a number of third parties" concerning its Itafos mine phosphate in Brazil. Details were sparse but investors found some hope in the fudge.

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