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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a ho-hum 87-61-162 as the TSX Venture Exchange added 11 points to 613. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) lost one-half cent to 13 cents on 24,000 shares on its third-quarter financial results, released after the close Wednesday.

The meat of the news had been aging for the past three weeks, as the company told investors in mid-October that it had mined just 582,000 carats during the quarter, but had sold nearly 680,000 for $69.4-million, averaging $75 (U.S.) per carat. We are now told that the company recorded an $11-million quarterly loss on its mining operations, which swelled to a $20.6-million loss with corporate expenses considered.

Nevertheless, the company and its 49-per-cent-owned Gahcho Kue mine in the Northwest Territories are still generating cash. Mountain Province pegged its third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) at $17.3-million, and at $91-million for the first three quarters of 2024. Unfortunately, the cash currently being generated by the mine appears insufficient for the company's needs.

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