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Diamond & Specialty Minerals Summary for June 24, 2024

2024-06-24 17:29 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a so-so 81-89-140 as the TSX Venture Exchange fell six points to 563. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) languishes despite its 49-per-cent-owned Gahcho Kue mine in the Northwest Territories continuing to yield a diamond bounty. Unfortunately, prices for its bumper crop remain depressed -- indeed depressing -- and so what was a $7 stock in 2016 struggles at just 19 cents today, up one-half cent on 15,000 shares, as some long-term plans for the mine appear in jeopardy.

Enthusiasm greeted word that De Beers would stop manufacturing synthetic diamonds for sale as gems, but all but lost was concurrent word that the company was also pausing exploration and development projects in Canada. While mining will continue at Gahcho Kue, which De Beers operates with its 51-per-cent interest, some key life-extending projects are now in jeopardy. (Paused is the word used officially by De Beers, although the pause officially began late last year.)

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