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by Will Purcell
The diamond and specialty minerals stocks box score on Monday was a poor 59-83-158 as the TSX Venture Exchange rose one point to 583 while polished diamond prices -- here we go again -- dropped 0.1 per cent. Lucas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC), one of the few profitable diamond miners over the past few years, nevertheless touched its six-year low of $1.04, ending the day down one cent to $1.05 on 261,000 shares. The company's Karowe mine in Botswana has been a cash cow since mining began in 2013. Unfortunately, a 30-per-cent drop in rough prices since 2011 leaves the cash cow's investors no longer mooing contentedly, but moaning grumpily.
The enigma that has been Kennady North for the past two decades continues to be an unsettling mystery for shareholders of Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD). Mountain Province , unchanged at $1.11 on 35,000 shares but at a nine-year low of $1.07 earlier today, is moving glacially with its plan to add Kennady North to the Gahcho Kue mine. The company cheered in 2000, when De Beers Canada discovered the little Kelvin and Faraday dikes on the project, just northeast of Gahcho Kue. It was happier still in 2005, when De Beers lost interest in the little dikes and allowed Mountain Province to take full ownership of their underlying leases.
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