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Diamond & Specialty Minerals Summary for Feb. 23, 2017

2017-02-23 18:24 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a 72-72-111 draw. The TSX Venture Exchange gained two points to 838 while polished diamond prices inched lower. Dermot Desmond and Patrick Evans's Mountain Province Diamonds Inc. (MPVD) lost three cents to $5.56 on 195,000 shares. The stock, $7.18 in early fall, has been falling on worries that diamond revenues from the company's Gahcho Kue mine may be less than projected.

Dominion Diamond Corp. (DDC) dropped 32 cents to $11.78 on 417,000 shares. The company says it should process between 3.7 and four million tonnes of kimberlite at its Ekati mine this year and it expects to produce between 6.3 million and seven million carats of diamonds. Last year it produced 5.21 million carats from 2.94 million tonnes of kimberlite, but the processing rate was reduced because of damage from a fire at the mine's plant, which took three months to repair. (The decrease in diamond production was less, as Dominion elected to process high-grade kimberlite once the plant resumed operation.)

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