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Diamond & Specialty Minerals Summary for May 7, 2019

2019-05-07 19:59 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a poor 58-98-144 as the TSX Venture Exchange fell four points to 599. Like the week before, rough diamond prices were nearly unchanged this week; down another 0.1 per cent in other words. While rough prices are slightly better than three months ago, they are 7.5 per cent below last summer's high and off nearly 6 per cent over the past five years. Trent Mell's First Cobalt Corp. (FCC) dropped 1.5 cents to 14 cents on 2.25 million shares. The company acquired nearly 10 million shares of eCobalt Solutions Inc. (ECS: $0.30) last week.

Mountain Province Diamonds Inc. (MPVD), unchanged at $1.42 on 243,000 shares, has rejigged its board. The move was triggered by its major shareholder, Dermot Desmond, an Irish billionaire with eclectic investment tastes. (Mr. Desmond, now in his late 60s, has done well -- $2.5-billion well -- by investing in airports, soccer teams, banks and the redevelopment of the Titanic shipyard among other things. Unfortunately, one of those other things, his 30-per-cent stake in Mountain Province, has not done so well of late.) In the latest management shuffle, the company has bid adieu to Carl Verley, who had been around since the 1980s, Peeyush Varshney, who had been around on and off since the mid-1990s, and Bruce Dresner, who arrived in 2013.

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