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Diamond & Specialty Minerals Summary for July 10, 2024

2024-07-10 22:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a so-so 89-78-143 as the TSX Venture Exchange rose seven points to 583. Mountain Province Diamonds Inc. (MPVD) found another new low today, hitting 15.5 cents in intraday trading before ending the day up one-half cent to 16.5 cents on 31,000 shares. A $7 stock eight years ago, the Mountain has crumbled under the weight of a weaker than expected mix of rough diamonds at its Gahcho Kue mine, now exacerbated by a 29-month slide in rough diamond prices.

Well, here is an innovative notion: John Karagiannidis's Quebec Innovative Materials Corp. (QIMC) is cheering kimberlite country as a prospective source of hydrogen. The company has begun an exploration program on its Ville Marie property, just east of Lac Temiscamingue in northwestern Quebec, where several kimberlites had been discovered back in the heyday of Canada's diamond rush.

Hydrogen is a plentiful element on earth -- indeed in the universe -- as it contributes two key atoms to form a molecule of water. Water can be separated through costly electrolysis into hydrogen and oxygen, but once the gases are remixed, a mere spark elicits a loud kaboom, returning the gases to water. The bang and the benign product of combustion are the reasons why hydrogen is attractive as a potential motor fuel -- if only a cheaper and plentiful source can be found.

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