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Dominion Diamond investors urge it use cash for buybacks

Dominion Diamond, a Canadian miner targeted by activist investors unhappy with its management, should use its cash to buy back stock, two shareholders with significant stakes said on Wednesday.

The shareholders, who asked not to be named but together own nearly 3% of Dominion, said the Yellowknife, Northwest Territories-headquartered company could use some of its nearly $300-million in net cash for a buyback. The stock has fallen by nearly 60% since May.