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Diamonds Summary
Symbol C : *MKTDIAM
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Diamond & Specialty Minerals Summary for Sept. 12, 2018

2018-09-12 20:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a 73-73-131 draw. The TSX Venture Exchange added four points to 726 while polished diamond prices were flat. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD), above $7 two years ago when its Gahcho Kue diamond mine in the Northwest Territories began production, dropped six cents to $2.58 on 175,000 shares. The stock has been struggling as rough diamond prices are far short of initial predictions. Fortunately, grades are better than promised.

Terry Tucker and Samer Khalaf's Tango Mining Ltd. (TGV), unchanged at 2.5 cents on 3,000 shares, has expanded its diamond exploration presence significantly. The company has agreed to acquire interests in two diamond projects, the Mano River project in Liberia and the Moquita alluvial property in Angola. Tango already has Oena, an alluvial diamond project in South Africa that is producing modest amounts of diamonds. In its most recent month, Oena yielded 140 carats of diamonds worth $1,421 (U.S.) per carat, but it appears that Mr. Tucker, executive chairman, and Mr. Khalaf, chief executive officer, are seeking a more productive presence in the sector. To do so, they will need to replenish the company's treasury, as both new projects require work.

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