12:44:46 EDT Thu 28 Mar 2024
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Diamonds & Specialty Minerals Summary for March 10, 2015

2015-03-10 20:46 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a poor 36-64-151. The TSX Venture Exchange fell 11 points to 669 while polished diamond prices were flat. Robert Gannicott's Dominion Diamond Corp. (DDC) avoided today's slump, gaining 25 cents to $20.88 on 340,000 shares. The company is expecting a good year at its Ekati mine and a decent one at Diavik; shareholders are expecting the company to resume paying dividends for the first time since 2008. The payment is unlikely to be anywhere near the $1 (U.S.) it paid annually in the mid-2000s as the company is facing some big capital costs at Jay and A-21, two pipes that will add years to both of its mines. Peter Dickie and Mark Smith's Niocorp Developments Ltd. (NB) gained 17 cents to $1.46 on 2.15 million shares. Niocorp, which moved to the TSX from the TSX-V on Monday, has jumped 57 cents since it traded at 89 cents on Thursday.

Eric Friedland's Peregrine Diamonds Ltd. (PGD) fell one-half cent to 19 cents on 1.03 million shares. Peregrine had good news today, although one would not know it from a glance at the company's stock chart. Peregrine has the diamond counts from its 2014 core drilling at four kimberlites at Chidliak, its rich diamond project on southeastern Baffin Island. All the pipes are old news, but the diamond counts are more impressive than earlier sets, especially at CH-7, which could add more diamonds to the company's resource estimate. Of course Tom Peregoodoff, Peregrine's new president and CEO, juiced that prediction with the usual Howe Street adjectives, gushing that there is "tremendous potential to add significant carats."

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