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by Will Purcell
The diamond and specialty minerals stocks box score on Friday was a weak 60-100-140 as the TSX Venture Exchange gained four points to 626 and polished diamond prices slid 0.3 per cent. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) continues to set new nine-year lows. Today's dreary decline hit $1.16, eclipsing yesterday's $1.17, which had surpassed last week's $1.21. Mountain Province, which lost three cents to $1.17 on 134,000 shares today, is suffering because rough diamond prices at Gahcho Kue continue disappointing.
Struggling Quebec diamond miner, Stornoway Diamond Corp. (SWY), crashed six cents to 10 cents on 32.2 million shares, as nightmarish but standard boilerplate expressing concern about the company's ability to continue as a going concern suddenly sprang to life. Stornoway, in which the Quebec government holds a 25-per-cent interest through Soquem Inc. and its affiliates, and in which Orion Mine Finance holds a 16-per-cent interest, will surely go cap in hand to investors for more cash this year. The company, which lost nearly $330-million last year, had less than $7-million in working capital at the end of 2018, not enough to see it through 2019, it says, "given the current market diamond price environment."
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