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Diamond and Specialty Minerals Summary for Feb. 13, 2019

2019-02-13 19:55 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a bleak 55-91-145 as the TSX Venture Exchange fell two points to 609 and polished diamond prices were flat. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) continues to set new nine-year lows. Today it drifted to $1.38 before ending the day up two cents to $1.41 on 149,000 shares. The company, which has just started its February sale of rough from Gahcho Kue, still has not said anything about its January sale.

Today was the last day of trading for Andrew Lee Smith's True North Gems Inc. (TGX) before it rolls back its stock 1:10 prior to the open Thursday. (It gained one-half cent to 1.5 cents on 89,000 shares.) This will be its second consolidation in less than four months. True North rolled back its stock 1:10 in mid-October, but within a month it had given back 80 per cent of the artificial gain. The combined 1:100 consolidation is the result of True North's near-death experience resulting from a voluntary declaration of bankruptcy by its Greenland subsidiary in 2016 and the resulting loss of its only real asset, a majority interest in the Aappaluttoq ruby and sapphire mine in western Greenland.

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