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Diamond & Specialty Minerals Summary for Oct. 8, 2019

2019-10-08 19:33 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a 66-66-168 draw as the TSX Venture Exchange fell three points to 552 while polished diamond prices dropped 0.1 per cent. Sherritt International Corp. (S) lost three cents to 27 cents on 1.94 million shares. The company has set its reference cobalt price for the three months ended Sept. 30 at $15.20 (U.S.) per pound.

Patrick Godin's Stornoway Diamond Corp. (SWY: $0.02), now just a cadaver awaiting delisting and burial, heard today that a Quebec court has approved the "purchase agreement," by which its secured creditors will acquire, through an entity to be formed for the purpose, substantially all of the assets and properties of the company, and assume the debts and liabilities owing to the secured creditors, as well as the ongoing obligations relating to the operation of the Renard Mine, subject to certain limited exceptions.

Stripped of that lawyer-speak, the secured creditors, mainly Osisko Gold Royalties Ltd. (OR: 12.69) and Investissement Quebec, a mineral exploration and development arm of the Quebec government, will take over operation of the Renard mine and attempt to keep it running in the hope of recouping a portion of the hundreds of millions of dollars they lent to and invested in Stornoway over the past several years, all to put the $800-million mine into operation.

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