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Diamond & Specialty Minerals Summary for Aug. 7, 2019

2019-08-07 17:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a positive 87-72-141 as the TSX Venture Exchange rose two points to 597 and polished diamond prices edged higher. Guy Bourassa's Nemaska Lithium Inc. (NMX) dropped one cent to 26.5 cents on 2.81 million shares. The stock, $2.44 early last year, had been mired near the 30-cent mark since February, when Nemaska revealed that construction of its Whabouchi lithium mine was well over budget. The stock rallied to 40 cents last month when Mr. Bourassa lined up a source for the needed cash, but the enthusiasm has since waned.

Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD) cheered its second quarter profit of $10.3-million but the market merely shrugged, sending the stock up 2.5 cents to $1.245 on 122,000 shares. The profit was an improvement over a year ago, when Mountain Province racked up a loss of $6.3-million in its second quarter. Mr. Brown, president and chief executive officer, said that the company's financial results were "slightly ahead of our expectations," supported by the ongoing success of its 2019 strategic milestones and operational initiatives put in place before the start of the year.

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