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Diamond & Specialty Minerals Summary for Nov. 8, 2019

2019-11-08 18:10 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a 66-66-168 draw as the TSX Venture Exchange gained three points to 536. Guy Bourassa's Nemaska Lithium Inc. (NMX) dropped one-half cent to 19.5 cents on 2.11 million shares. The company is hoping to raise additional cash to resume construction of its Whabouchi lithium project in Quebec.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) fell another three cents to 88 cents on 477,000 shares. The company said this week that its Karowe diamond mine in Botswana could have a long, profitable future, based on a feasibility study of adding an underground operation to its open-pit mine. Karowe has been a cash cow since mining began seven years ago, producing 2.5 million carats worth about $1.5-billion (U.S.), or about $600 (U.S.) per carat. That is expected to continue, but the end is drawing nigh, with the prolific pit slated to yield its last diamond in about five years.

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