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Diamond & Specialty Minerals Summary for Nov. 30, 2021

2021-11-30 20:52 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a dreary 64-141-95 as the TSX Venture Exchange slid 14 points to 939 while polished diamond prices inched higher. American Manganese Inc. (AMY) closed unchanged at 60 cents on 1.29 million shares. The company is touting plans to recycle lithium-ion battery cathode material, its Artillery Peak manganese project now in its seventh year of hibernation.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) closed unchanged at 59 cents on 214,000 shares. The company set its 2022 operating guidance for its Karowe diamond mine in Botswana, where it parlayed a $250-million (U.S.) investment into a mine that has averaged over $200-million (U.S.) in annual revenue since it reached production in the early 2010s. (Lucara thinks it can keep that up into the early 2040s, but it will take a costly underground development to pull it off.)

For now, however, Lucara will continue digging deeper into its open pit at Karowe. The company expects to mine between 3.1 million and 3.5 million tonnes of kimberlite next year, although it will send just 2.6 million to 2.8 million tonnes of the material to its processing plant. The kimberlite is expected to yield between 300,000 and 340,000 carats, numbers that suggest a head grade of roughly 12 carats per hundred tonnes.

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