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Diamond & Specialty Minerals Summary for July 8, 2016

2016-07-08 21:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a pleasing 80-50-134. The TSX Venture Exchange gained four points to 752 while polished diamond prices edged lower. Peter Dasler's Canalaska Uranium Ltd. (CVV) gained 14 cents to $1.45 on 336,000 shares. The company is watching as its Athabasca diamond partner, De Beers Canada, gets to work on their large property in northwestern Saskatchewan.

Robert Gannicott and Brendan Bell's Dominion Diamond Corp. (DDC), up 40 cents to $11.70 on 474,000 shares, has received its full feasibility study for the Jay project at Ekati. The results were sufficiently encouraging that the company has given approval to proceed with development of the big open pit mine, which carries a $647-million (U.S.) capital cost. The company projects Jay with a 13-year life, compared with just 11 years in last year's prefeasibility study, with production slated to begin in 2022, two years later than planned in the earlier study. That will push Ekati's closure date -- and the associated closure costs -- to 2034, providing a significant financial benefit.

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