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Diamond & Specialty Minerals Summary for May 9, 2024

2024-05-09 17:25 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was an upbeat 93-73-144 as the TSX Venture Exchange added five points to 595. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD), which had edged higher from an all-time low of 16 cents last week, getting as high as 22.5 cents on Monday, fell 1.5 cents to 20 cents on 214,000 shares Wednesday. The drop came in anticipation of the company's first quarter report, which arrived after the close. The jitters were unwarranted, as Mountain Province's stock regained two cents to 21.5 cents on 177,000 shares today on the news.

The news was that Mountain Province's 49-per-cent-owned Gahcho Kue mine in the Northwest Territories generated enough revenue to provide a modest $6.8-million first quarter profit. Mountain Province sold 938,000 carats at an average of $70 (U.S.) per carat in the period, down from the 961,000 carats it sold a year earlier when its diamonds fetched $99 (U.S.) per carat. (In the first quarter of 2022, when rough diamond prices were hitting an all-time high, Mountain Province's gems sold for $132 (U.S.) per carat.)

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