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Diamond & Specialty Minerals Summary for Oct. 18, 2021

2021-10-18 21:02 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was an upbeat 109-79-112 as the TSX Venture Exchange rose fractionally to 937 while polished diamond prices rose 0.1 per cent. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) lost one cent to 46 cents on 68,000 shares.

Mountain Province has had a solid third quarter mining diamonds at its 49-per-cent-owned Gahcho Kue mine, 250 kilometres northeast of Yellowknife in the Northwest Territories. The mine produced 1.56 million carats during the quarter, says Mr. Comerford in his first task as interim president and chief executive officer -- at least his first task since he nudged his predecessor, Stuart Brown, out the door two weeks ago. In the same period a year earlier, the mine produced 1.79 million carats.

Gahcho Kue has again found a steady state of ore production and processing, now while operating in the COVID-19 reality. The processing plant handled about 9,050 tonnes of ore per day during the quarter, up from just over 8,900 tonnes per day a year ago and in the preceding quarter as well. With the plant running optimally, the carat crop becomes a function of grade, and on that count Gahcho Kue left a bit to be desired.

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