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by Will Purcell
The diamond and specialty minerals stocks box score on Wednesday was a weak 53-78-169 as the TSX Venture Exchange fell five points to 530 and polished diamond prices dropped 0.1 per cent. In another worrisome sign of trouble in the diamond sector, Northwest Acquisitions ULC bonds traded today at $48.50 (U.S.). The bonds, issued in 2017 to finance the acquisition of Dominion Diamond Corp. by Montana billionaire Dennis Washington, traded at or above $100 (U.S.) until they began a steady descent early this year.
Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD), down three cents to $1.12 on 32,000 shares, says that a coming mine plan update from De Beers Canada, its 51-per-cent partner, will add a few years to the life of their Gahcho Kue diamond mine, 250 kilometres northeast of Yellowknife in the Northwest Territories. Mr. Brown, president and chief executive officer, says that his company has received a copy of the report from De Beers, but they are now "running a couple of different scenarios" and "taking a bit more time to work through a couple of options" that they think could change the cost structure and processing plan.
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