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Diamond & Specialty Minerals Summary for June 29, 2016

2016-06-29 20:16 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a pleasant 77-61-128. The TSX Venture Exchange gained 13 points to 721 while polished diamond prices edged downward. Dominion Diamond Corp. (DDC) dropped 26 cents to $11.02 on 510,000 shares after the company said that repairs to its Ekati processing plant would take three months. The company will mine, stockpile and later process its richest kimberlite to cut its losses.

Lukas Lundin and William Lamb's Lucara Diamond Corp. (LUC) slumped 57 cents to $3.35 on 4.53 million shares on word that it failed to sell the 1,109-carat diamond it mined late last year at its Karowe mine in Botswana. Mr. Lamb, president and CEO, said in a terse news release issued early this afternoon that Lucara would be "retaining" the huge Lesedi La Rona diamond because "bidding did not meet the reserve price" at a public auction held at Sotheby's, in London, Wednesday evening. (The slump in Lucara's share price preceded its gloomy news by a few hours, but Lucara's stock began its slump within minutes of the failed auction, as the news spread like wildfire across the Internet.)

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