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Diamond & Specialty Minerals Summary for May 16, 2024

2024-05-16 17:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a positive 95-86-129 as the TSX Venture Exchange added one point to 603. Adam Lundin and Dr. William Lamb's Lucara Diamond Corp. (LUC) has been struggling along, although it did add one-half cent to 34.5 cents on 85,000 shares today.

Lucara held its annual general meeting in Vancouver last week, and while the company's seven-person slate was handily elected for another one-year term, the voting pattern was an eyebrow raiser. Roughly 215 million shares were voted -- nearly half the company's total -- and one presumes that the company's major shareholder, the Lundin family's Nemesia SARL with 114 million shares, was an active voter at the meeting.

The proposed slate included two first-time nominees since two veterans, Catherine McLeod-Seltzer and Marie Inkster, chose to step down from the company's board. One of the new directors, Ian Gibbs, the chief financial officer of Filo Corp. (FIL: $25.62) and a longtime fellow traveller with the Lundins, did well, pulling in all but 3.8 million of the votes -- an approval rating of 98.3 per cent.

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