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Diamond & Specialty Minerals Summary for July 22, 2016

2016-07-22 20:59 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was an upbeat 74-57-134. The TSX Venture Exchange gained three points to 769 while polished diamond prices edged higher. Guy Bourassa's Nemaska Lithium Inc. (NMX) gained 14 cents to $1.10 on 5.33 million shares. The stock, which hit a high of $1.98 in May, has been a busy trader since early this year as investors warmed to its Whabouchi lithium project in Northern Quebec.

Robert Gannicott's Dominion Diamond Corp. (DDC) gained 32 cents to $11.70 on 297,000 shares. The company held its annual general meeting on Wednesday and its slate of eight director nominees were all handily re-elected, although some of them racked up significant numbers of votes withheld. Leading the way in that regard was Mr. Gannicott, who had nearly 7.7 million votes withheld, just over 11 per cent of the total cast. Mr. Gannicott has been a director since 1992 and he was appointed president and chief executive officer in 1999. He promptly moved the company to Toronto from Vancouver and in 2013 he moved it to Yellowknife. Between those years Mr. Gannicott successfully concluded the financing of the company's share of the Diavik mine, bought Harry Winston Inc. in 2004 and sold it several years later for a huge profit. He then used the cash to acquire the Ekati mine from BHP Billiton Ltd. in 2012.

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