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Diamond & Specialty Minerals Summary for May 16, 2019

2019-05-16 20:02 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a ho-hum 57-72-171 as the TSX Venture Exchange rose fractionally to 608 while polished diamond prices edged lower. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) lost two cents to $1.48 on 308,000 shares. Mountain's stock, just $1.08 in mid-April and $1.65 last week, is again on the downswing. The gyrations are modest, however, compared with the stock's big slide from a high of $7.18, set in the fall of 2016 when mining at Gahcho Kue was just getting under way.

Beleaguered Stornoway Diamond Corp. (SWY) wrapped up its annual general meeting this week with its slate of eight directors receiving an eyebrow-raising approval topping 99-per-cent from shareholders. That should be no great shock, since the company's shares are increasingly held by the company's major lenders, and those lenders-turned-shareholders have a big say in who directs the company, a voice that could grow louder. Only Patrick Godin, who became Stornoway's chief operating officer in 2010 and its president and chief executive officer at the start of 2019, is a long-term company man.

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