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Diamond & Specialty Minerals Summary for Dec. 13, 2018

2018-12-13 21:12 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a dreary 62-80-148. The TSX Venture Exchange fell five points to 556 while polished diamond prices were flat. Bruce Duncan's Canada Carbon Inc. (CCB) closed unchanged at 16 cents on 1.08 million shares. The company is mired in litigation over the right to mine its Miller graphite and marble deposit in southwestern Quebec. Its lawyers are performing well: Canada Carbon's stock is near a one-year high.

Terry Tucker and Samer Khalaf's Tango Mining Ltd. (TGV: $0.015) continues to produce diamonds from its Oena alluvial deposit in the Western Cape area of South Africa. The company recovered 123 stones weighing a total of 287.34 carats from 103,590 tonnes of gravel during the three-month period ending in mid-November.

The numbers reveal a modest grade of about 0.28 carat per hundred tonnes; fortunately, the company's mining contractor, Bluedust 7 Pty. Ltd., was able to sell the gems for $387,000 (U.S.), or nearly 1,350 (U.S.) per carat. The revenues were aided by two noteworthy stones: A 4.96-carat gem sold for $6,886 (U.S.) per carat and a 20.35-carat stone sold for $3,353 (U.S.) per carat. Those two gems sold for $102,000 (U.S.), nearly one-quarter of the revenue.

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