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Diamond & Specialty Minerals Summary for June 26, 2020

2020-06-26 19:57 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a weak 59-74-167 as the TSX Venture Exchange rose two points to 598. Mountain Province Diamonds Inc. (MPVD) lost one cent to 29.5 cents on 227,000 shares. The company is still producing diamonds at its Gahcho Kue mine in Canada's North, but it cannot yet sell them in Belgium. As a result, it has agreed to sell them to its major shareholder, Dermot Desmond, to tide it over through the COVID-19 crisis.

Dev Shetty's Fura Gems Inc. (FURA), the little Howe Streeter with grandiose plans to perhaps mine many billions of dollars worth of emeralds in Colombia, has completed its acquisition of majority interests in ruby licences and concessions in Mozambique -- a 70-per-cent interest in the 5030 licence and an 80-per-cent interest in the 8921 concession. Earlier this year, Fura acquired the right to earn a 65-per-cent interest in the 8955 concession. All three properties lie in the same area of northern Mozambique. Fura agreed to pay $1.28-million on cash and taxes to complete the deal.

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