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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a mediocre 86-84-140 as the TSX Venture Exchange fell one point to 610. Surge Battery Metals Inc. (NILI) was a busy trader, adding 1.5 cents to 24 cents on 1.27 million shares without benefit of news.
Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) lost one cent to 49 cents on 256,000 shares. One would never know it from the company's stock chart, but Mountain Province had arguably its most sparkling year yet, as high diamond prices led to its best annual revenue to date at its 49-per-cent-owned Gahcho Kue mine, 250 kilometres northeast of Yellowknife in the Northwest Territories.
Mountain Province reported sales of $388.9-million last year, a hefty increase over the $298.3-million it managed a year earlier, and it did so with a smaller carat crop. The company's share of the Gahcho Kue diamonds was 2.7 million carats last year, down from 3.05 million in 2021 despite the company managing to mine and process the same amount of kimberlite in both years. Grade was the culprit, as it dropped to 178 carats per hundred tonnes from the 202 carats per hundred tonnes achieved in 2021.
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That’s the problem, not knowing the product doesn’t fool the market, gotta up your knowledge game fools.