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Diamonds & Specialty Minerals Summary for July 16, 2015

2015-07-16 18:11 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a poor 39-58-154. The TSX Venture Exchange fell three points to 638 while polished diamond prices inched upward. Matt Manson's Stornoway Diamond Corp. (SWY) closed unchanged at 83 cents on 1.12 million shares. Stornoway's $860-million diamond mine at Renard in Northern Quebec remains on schedule and within budget. Bruce Duncan's Canada Carbon Inc. (CCB) lost 1.5 cents to 27.5 cents on 1.21 million shares. The company has a promotable price estimate for its ultrahigh-purity graphite from Miller. It is working on a resource estimate and dream sheet.

Robert Gannicott's Dominion Diamond Corp. (DDC) popped up 91 cents to $16.91 on 1.31 million shares following a surprisingly strong second quarter at Diavik. The mine produced 2.14 million carats, up from 1.5 million in the previous quarter. The spring production record fell just short of the 2.15 million carats Diavik yielded in the spring of 2014, which was the mine's best effort in several years. Dominion and its co-venturer, Rio Tinto PLC, credited a sharply higher grade as the impetus for the increased production. The mine averaged 3.79 carats per tonne, which results from the mine taking most of its kimberlite from the A-418 and A-154 South pipes, which average over four carats per tonne, rather than A-154 North, where the average is barely two carats per tonne. The strong quarter has Diavik back on track to hit or exceed its annual target of 6.7 million carats from reserves and another 300,000 carats from coarse ore rejects. That suggests Diavik will shift production more toward A-154 North over the rest of the year.

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