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Diamond & Specialty Minerals Summary for Nov. 16, 2021

2021-11-16 21:03 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a bleak 61-122-117 as the TSX Venture Exchange lost 12 points to 1,008 while polished diamond prices were flat. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) lost five cents to 63 cents on 775,000 shares.

The company has gone through the change again, presumably reflecting the displeasure of Mr. Desmond, an Irish billionaire with eclectic investment tastes -- and the company's largest shareholder. The departure of Stuart Brown by "mutual decision" earlier this month and his replacement as president and chief executive officer by Mark Wall appear to signal a new push with the company's Kennady North project, a now sprawling property that surrounds Mountain's 49-per-cent-owned Gahcho Kue mine in the Northwest Territories.

Jonathan Comerford, still chairman, briefly interim president and CEO, and always Mr. Desmond's voice at the company, says that advancing Kennady North is one of Mountain Province's four key focuses. In fact, with his enthusiasm ramping up to warp speed, Mr. Comerford blurts out that "Kennady is the future of this company." He says that financial constraints in the past few years meant that the company had not been able to do the work at Kennady that "we would have liked to have done," but Mountain's currently improved financial position means that "we are now in a position to put more of a focus" on the project.

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