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Diamond & Specialty Minerals Summary for June 27, 2019

2019-06-27 20:53 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a middling 74-73-147 as the TSX Venture Exchange closed unchanged at 580 points while polished diamond prices edged lower. Mark Smith's Largo Resources Ltd. (LGO) has decided not to pay a dividend, choosing instead to "create long-term value" for its shareholders. Predictably, the move triggered an immediate loss for shareholders: Largo slid eight cents to $1.71 on 4.73 million shares.

Dr. Leon Daniels's Pangolin Diamonds Corp. (PAN: $0.04) hopes that termites help it build a successful diamond mine. Dr. Daniels, the company's president and chief executive officer, told attendees at the Northern Miner Diamond Symposium last week -- an event first held in the early 1990s -- that his company is using termite hills to identify kimberlites buried deep beneath the desert sands of Botswana. Dr. Daniels, a veteran diamond hunter with many years of experience in the area, has been using the big mounds of dirt dug up by termites across the savannah to obtain indicator minerals from the top of possible kimberlites.

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