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Diamond & Specialty Minerals Summary for March 15, 2019

2019-03-15 20:28 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a 78-78-145 draw as the TSX Venture Exchange rose four points to 627 and polished diamond prices edged lower. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) rose one cent to $1.67 on 13.56 million shares. There is nothing new, other than rough diamond prices remain depressed. The company will nevertheless pay a 2.5-cent dividend in mid-April, thanks to the continuing bounty flowing from its Karowe mine in Botswana.

Terry Tucker and Samer Khalaf's Tango Mining Ltd. (TGV), unchanged at 1.5 cents on 2.75 million shares, can boast a solid quarter of mining at its Oena alluvial project in the Western Cape district of South Africa. From December through February the company and its contract miner, Bluedust 7 Pty. Ltd., recovered 111 diamonds weighing 297.94 carats from 95,490 tonnes of material. The grade averaged a minuscule 0.31 carat per hundred tonnes, but the average stone weight was a pleasing 2.68 carats. The co-venturers sold 104 of the diamonds, which weighed 284 carats, for $900,000 (U.S.), or $3,170 (U.S.) per carat.

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