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Diamond & Specialty Minerals Summary for Sept. 23, 2016

2016-09-23 21:17 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a negative 64-71-130. The TSX Venture Exchange rose fractionally to 810 while polished diamond prices fell 0.5 per cent. Mark Smith's Niocorp Developments Ltd. (NB) lost one cent to 83 cents on 327,000 shares. The company is quietly plodding along with its Elk Creek niobium and scandium project in Nebraska. The mine will cost nearly $1-billion (U.S.) to build, which accounts for the slow pace.

Dominion Diamond Corp. (DDC), up 53 cents to $12.22 on 446,000 shares, has sold the largest diamond ever produced from its Ekati mine at its latest sale of rough. The 186-carat gem fetched $2.8-million (U.S.), about $15,000 (U.S.) per carat. Brendan Bell, the company's chief executive officer, says the gem was recovered in June during the processing of kimberlite from the Pigeon pipe. He says Dominion is particularly encouraged by the find, as it came from the early benches mined at the new Pigeon pit, serving as a reminder that there continues to be upside potential to the modelled prices used for the Ekati kimberlites.

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