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by Will Purcell
The diamond and specialty minerals stocks box score on Monday was a weak 66-89-145 as the TSX Venture Exchange rose two points to 632 while polished diamond prices edged upward.
Canadian diamond miners slog onward as weak prices for smaller and lower-quality rough diamonds hammer companies producing lower-value goods. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD), which opened its Gahcho Kue mine in the Northwest Territories in 2016, hovers at a nine-year low. (It dropped two cents to $1.14 on 326,000 shares today.) Stornoway Diamond Corp. (SWY), which opened its Renard mine in Quebec in mid-2016, closed unchanged at 10.5 cents on 3.15 million shares today. Last week, Stornoway reeled to an all-time low of nine cents.
Those two companies are the only remaining public companies with diamond mines in Canada, but there are signs that two big private miners are doing no better. Montana-based billionaire, Dennis Washington, took Dominion Diamond Corp. private in the fall of 2017 through a $1.5-billion cash offer that valued Dominion at $18.50 per share. At the time, Mountain Province's stock was trading near $3.50, and Stornoway's shares were at 75 cents; they have since lost 70 per cent and 85 per cent of their value respectively.
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