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Diamond & Specialty Minerals Summary for Jan. 2, 2019

2019-01-02 19:36 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a cheering 108-55-141. The TSX Venture Exchange added 13 points to 571 while polished diamond prices were flat. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) lost six cents to $1.89 on 160,000 shares. The results from the most recent sale of its 49-per-cent share of the rough diamonds from its Gahcho Kue mine in the Northwest Territories are expected soon. The diamond values have disappointed since Gahcho Kue went into production in 2016, averaging barely half of what had initially been expected.

Brian Testo's Grizzly Discoveries Inc. (GZD) lost one-half cent to seven cents on 3,000 shares. This will be a defining year for the company's Alberta diamond project in the Buffalo Hills region of Northern Alberta. The company has spent a few million dollars on its Alberta gem hunts, but that was over a decade ago. The work ended abruptly when, in Mr. Testo's words, "the market appetite for diamond projects weakened significantly" -- or as diamond investors put it, "the market crashed." Grizzly turned to metals prospects but has kept its core diamond permits for the past decade. Now, the company has used up all the time its previous work had bought, so Grizzly will have to do more work this year or lose its permits.

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