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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a weak 74-105-131 as the TSX Venture Exchange lost six points to 519. Rough diamond prices are near their lowest point since the COVID collapse in 2020 and diamond miners are struggling anew -- and arguably worse than ever. Osisko Gold Royalties Ltd. (OR: $17.59) and its fellow reluctant owners pushed their Renard mine in Quebec into bankruptcy protection late last month. Now, investors are girding for the third quarter report from Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD), which is expected later this week.
Mountain Province, a $9.75 stock in the heyday of Canada's diamond rush in 1996, endured a series of swings thereafter, but crawled as high as $7.18 in the fall of 2016, just as mining got under way at its 49-per-cent-owned Gahcho Kue mine in the Northwest Territories. The stock slid when it became apparent that its rough diamond production would not command the prices so enthusiastically bandied about by the company, and it slid more when those prices failed to increase, as analysts had projected.
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