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Diamond & Specialty Minerals Summary for Sept. 16, 2019

2019-09-16 20:06 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a ho-hum 62-78-160 as the TSX Venture Exchange fell fractionally to 588 and polished diamond prices inched lower. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD), which dipped to a new nine-year low of 91 cents late last week, then inexplicably leapt to a high of $1.31 before the week was out, resumed its recent trajectory today, dropping eight cents to $1.04 on 170,000 shares.

Sean Roosen's Osisko Gold Royalties Ltd. (OR) is about to become the reluctant co-owner of a struggling diamond mine in Quebec. The company and its fellow secured investors -- mainly the Quebec government -- will acquire the Renard mine through a credit bid transaction from bankrupt Stornoway Diamond Corp. (SWY). (Stornoway's shares last traded at two cents on Sept. 6, but the company admits they are now worthless. Osisko's shares, $17.47 early this month, gained 39 cents to $15.70 on 806,000 shares.)

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