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Diamond & Specialty Minerals Summary for April 2, 2024

2024-04-02 19:00 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 100-77-133 as the TSX Venture Exchange added one point to 570. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) lost one-half cent to 23 cents on 331,000 shares on word it racked up a $43.67-million loss last year mining diamonds at its 49-per-cent-owned Gahcho Kue mine, 250 kilometres northeast of Yellowknife in the Northwest Territories.

That number tells a complex story, however, as on one hand the company showed earnings from mining operations of $102.4-million and would have had a $61-million profit but for a $104.6-million impairment on the mine's assets. On the other hand, Mountain Province had earnings from mining operations of $170.5-million in 2022, enough for a profit of nearly $50-million. Further, the declining profit was the result of falling rough diamond prices, which decreased briskly and steadily from early 2022, hitting a two-year low early this year.

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