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Diamond & Specialty Minerals Summary for March 25, 2020

2020-03-25 17:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a pleasing 87-59-156 as the markets rebounded sharply. Ken MacNeill's Star Diamond Corp. (DIAM) managed a 3.5-cent gain today, closing at 27 cents on 898,000 shares. Not only does the stock appear to have developed immunity to the COVID-19 crisis, it is shrugging off likely work delays at the FalCon project. Even without the virus, pending litigation with Rio Tinto appears likely to derail the program.

Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD) closed unchanged at 38 cents on 593,000 shares. Lost in the hubbub surrounding the company's 2019 financial report was a new mine plan for Gahcho Kue that the company simultaneously released with its annual report. The long-awaited study "added two years and increased carat volume," applauded Mr. Brown, president and chief executive officer, moments before he dismissed the plan by saying he was "not expecting it to be what we end up with." Indeed, in a world where COVID-19 is wreaking financial as well as medical mayhem, companies are reluctant to make predictions, when what it plans on Monday is unlikely to survive to Friday.

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