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by Will Purcell
The diamond and specialty minerals stocks box score on Wednesday was a bleak 61-148-101 as the TSX Venture Exchange slid 21 points to 691. Uranium and vanadium exploring Energy Fuels Inc. (EFR), up $1.51 over the past three days, took a hit today, dropping 82 cents to $7.54 on 1.73 million shares.
Osisko Gold Royalties Ltd. (OR) lost 11 cents to $13.76 on 479,000 shares. The company is a reluctant diamond miner, but it nevertheless had a good first quarter at its 35.1-per-cent-owned Renard diamond mine in the Otish Mountains of north-central Quebec. The company acquired a 9.6-per-cent stream on Renard in the early 2010s when Stornoway Diamond Corp. financed the $850-million mine. It then became a co-owner of the operation when Stornoway slumped into bankruptcy in 2019, after two years of massive losses.
Stornoway's woes were the result of high costs and low diamond prices, two problems that have since been ameliorated -- just too late to save old Stornoway and its original shareholders from financial immolation. New Stornoway, which rose from the ashes, now has its secured creditors as shareholders. (Osisko is joined by Investissement Quebec, also with a 35-per-cent stake, and La Caisse de Depot et Placement du Quebec and Triple Flag Mining Finance, each with just under 15-per-cent interests.)
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