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Diamond & Specialty Minerals Summary for Jan. 25, 2022

2022-01-25 20:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was an upbeat 105-73-122 as the TSX Venture Exchange regained eight points to 847 while polished diamond prices rose 0.1 per cent. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) nipped up four cents to 74 cents on 124,000 shares.

The company abruptly appointed Mr. Wall as president and chief executive officer in fall after the company and its former head, Stuart Brown, "reached a mutual decision" to part ways. Now, Mountain Province has shuffled its lesser management, led by the appointment of Steven Thomas as chief financial officer and vice-president of finance. He (Mr. Thomas) replaces Perry Ing, who will leave in mid-February, presumably under friendlier circumstances.

Mr. Wall lauded his new CFO, Mr. Thomas, as having "some 25 years of experience and significant knowledge of the sector," noting he spent almost 10 years as the CFO of De Beers Canada. He was -- from 2006 to 2016 -- and then he spent just over a year as CFO of Goldcorp's Canadian operations, gaining more management experience but no new knowledge of the diamond sector. Mr. Thomas then became CFO of Torex Gold Resources Inc. (TXG: $12.97), departing that job in the fall of 2020. Since the spring of 2021, he has been the CFO of Franchise GlobalHealth, a private company looking to go public through a reverse takeover.

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