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Diamond & Specialty Minerals Summary for Aug. 1, 2019

2019-08-01 19:41 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a weak 68-74-152 as the TSX Venture Exchange rose four points to 596, and polished diamond prices edged upward. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) edged up eight cents to $1.24 on 436,000 shares. The company's next news should come next week, when it reveals its second quarter financials.

Diamond companies have been disappearing in droves for over a decade, but it has been going on for so long now that a few are returning for a new chance at sparkle. One of the latter companies is Terry Tucker and Samer Khalaf's Tango Mining Ltd. (TGV), which added one-half cent to 1.5 cents on 3.88 million shares on word that it plans to dispose of its South Africa-based metallurgical and mining projects -- it means the Kwena coal projects -- to allow management the ability to focus attention on its diamond properties.

The buyer of the Kwena projects is Kevin Gallagher, who will return nearly 40 million Tango shares for cancellation and forgive Tango's debt to Kwena of over $723,000. Mr. Gallagher is a Tango director and has been since 2014, when Tango bought what had been his Kwena Mining Group. Shareholders will be asked to approve the sale in mid-September. If it goes through, Mr. Gallagher will not own any Tango shares, leaving his status as a director unclear.

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