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Diamonds & Specialty Minerals Summary for March 2, 2015

2015-03-02 21:02 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was an upbeat 60-40-142. The TSX Venture Exchange fell two points to 704 while polished diamond prices jumped 2 per cent. Patrick Evans's Mountain Province Diamonds Inc. (MPV) gained two cents to $4.58 on 160,000 shares. Mountain Province and De Beers are busy building their Gahcho Kue diamond mine, 250 kilometres northeast of Yellowknife, so Mr. Evans has been busy raising cash to cover Mountain's share of the costs. Glenn Kelly's Orbite Aluminae Inc. (ORT) closed unchanged at 31 cents on 1.10 million shares. The company says work at its high-purity alumina plant on Gaspe peninsula remains on track with its (oft) revised schedule.

Lukas Lundin's Lucara Diamond Corp. (LUC), up two cents to $1.93 on 682,000 shares, is buying a diamond recovery plant for a planned bulk sampling program on the two Botswana properties it acquired last fall. That sounds promising, but for now the plan remains smothered in fudge: Dr. William Lamb, CEO, says Lucara will commence work programs on the two prospecting licences during 2015. Cash is not a problem as Lucara is reaping huge profits from its Karowe mine in Botswana -- enough that it is the only Canadian-listed diamond miner currently paying dividends. (Robert Gannicott's Dominion Diamond Corp. (DDC: $21.03) plans to reinstitute a dividend this year.) Despite Lucara's continuing profits, Dr. Lamb says he and his crew "remain disciplined with our deployment of capital," adding that their return on capital focus is "driving the right behaviours." (Lucara's stock chart was a model child during its run to $2.88 last year, up from 50 cents a year earlier. The stock has been unruly lately, dipping as low as $1.60 early this year.)

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