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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a ho-hum 83-86-121. The TSX Venture Exchange fell one point to 827 while rough diamond prices were flat. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) gained three cents to $2.17 on 1.26 million shares. There is nothing new this week.
Dermot Desmond's Mountain Province Diamonds Inc. (MPVD), down 2.5 cents to $3.305 on 101,000 shares, has provided some insight into its move to reacquire Kennady Diamonds Inc. (KDI: $3), which it created in 2012 by spinning off its Kennady North project, 10 kilometres northeast of Gahcho Kue in the Northwest Territories. Mountain Province, which owns a 49-per-cent interest in Gahcho Kue, and its majority co-venturer, De Beers Canada, had discovered two small kimberlites, Kelvin and Faraday, at Kennady North in 2001. De Beers thought little of them and it transferred them to Mountain Province in the mid-2000s. Mountain Province, then led by Patrick Evans, eventually spun them off to Kennady "to create greater value" for shareholders by "unlocking the value" of the project, while Mountain Province focused on raising the cash to its share of the Gahcho Kue mine.
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