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by Will Purcell
The diamond and specialty minerals stocks box score on Tuesday was an 86-69-145 as the TSX Venture Exchange rose fractionally to 741 and polished diamond prices edged higher.
Sean Roosen's Osisko Gold Royalties Ltd. (OR), up 12 cents to $17.25 on 1.17 million shares, expects to be back in the diamond mining business shortly. The company says that a "thorough review of operations and the establishment of a detailed restart plan" will allow its 35-per-cent-owned Stornoway Diamond Corp. to resume mining at Renard, in the Otish Mountains of Quebec, where the former Stornoway Diamond went bankrupt building and trying to run an $800-million mine.
Much with the new Stornoway is the same as it was with the old -- shareholders are being asked to cough up more cash to keep Renard running -- the key difference is that the new shareholders have larger (but not infinite) amounts of cash upon which to draw. (The Quebec government's Investissement Quebec also holds a 35-per cent interest, while Caisse de depot et placement du Quebec holds a 17-per-cent share and Shaun Usmar and Mark Cicirelli's Triple Flag owns the rest.)
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