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Diamond & Specialty Minerals Summary for Dec. 22, 2015

2015-12-22 21:03 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a 44-44-150 draw. The TSX Venture Exchange rose fractionally to 502 while polished diamond prices edged lower. Dr. Leon Daniels's Pangolin Diamonds Ltd. (PAN) lost one-half cent to three cents on 437,000 shares. Pangolin has been finding diamonds in soil samples at Malatswae in Botswana. Now it needs to find the kimberlites from whence they came. Drilling is planned to start in about a month. Glenn Kelly's Orbite Technologies Inc. (ORT) gained one-half cent to 42.5 cents on 2.80 million shares. The company's construction crews are on Christmas break but the company says its high-purity alumina plant should achieve production early next year.

Robert Gannicott and Brendan Bell's Dominion Diamond Corp. (DDC) leapt $2.53 to $14.01 on 922,000 shares on word the company will meet with a group of disgruntled shareholders, led by K2 Principal Fund LP, who have voting control over 4.6 million shares. The group includes Carlo Civelli, a Switzerland-based investor, Haywood Securities chairman, John Tognetti, a Haywood broker, Kyle Jason McLean, Eric Sprott's Sprott Inc. and Patrick Evans, who is chief executive officer of two rival diamond companies: Mountain Province Diamonds Inc. (MPV: $3.90) and Kennady Diamonds Inc. (KDI: $2.91).

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