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Diamond & Specialty Minerals Summary for July 18, 2019

2019-07-18 18:33 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a 70-70-154 draw as the TSX Venture Exchange rose fractionally to 588 and polished diamond prices edged higher. Stornoway Diamond Corp. (SWY) nosed up one-half cent today, closing at three cents on 1.53 million shares. Stornoway lost over $300-million last year at its Renard mine in Quebec and is looking to have another horrid year in 2019, unless rough diamond prices rebound sharply.

Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD), down one cent to $1.29 on 270,000 shares, had a so-so second quarter at its Gahcho Kue mine in the Northwest Territories. The company and its 51-per-cent co-venturer, De Beers Canada, recovered 1.73 million carats from 882,374 tonnes of kimberlite during the spring quarter, averaging 1.96 carats per tonne. In the winter quarter, the mine produced 1.58 million carats from 870,949 tonnes, averaging 1.82 carats per tonne. A year ago, the mine delivered 1.93 million carats from 899,000 tonnes, or 2.15 carats per tonne.

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