16:01:30 EDT Sat 15 Aug 2020
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Diamond & Specialty Minerals Summary for July 10, 2020

2020-07-10 20:55 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 96-84-120 as the TSX Venture Exchange leapt another 12 points to 684 and polished diamond prices edged upward. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD), a $9 stock in the mid-1990s, just after its big discovery at Gahcho Kue, and a $7 stock as production at the mine got under way in the fall of 2016, slipped one-half cent to 28.5 cents on 203,000 shares today. While Gahcho Kue proved to be everything investors could have realistically hoped, the weakened diamond sector and the financial realities of mining in Canada's North have taken their toll.

Samer Khalaf and Terry Tucker's Southstone Minerals Ltd. (SML), up one-half cent to eight cents on 5,000 shares, has more diamonds from its Oena alluvial project in South Africa. The company's haul this year has been hampered by the COVID-19 shutdown in South Africa, but Oena continues to do well despite the minuscule grade and forced shutdown. Southstone has had two competing groups working the project, but only the larger of the two -- Bluedust 7 Pty. Ltd. -- has been operating over the past two quarters.

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