Trans Hex Sells Pioneer Minerals for $3M

RAPAPORT... The Trans Hex Group agreed to sell its 100 percent interest in subsidiary Pioneer Minerals Ltd. for about $3.3 million (ZAR 35 million) to Bondeo 140 CC. The deal marks a final step in Trans Hex's decision to dispose of mining and prospecting projects that were located between Douglas and Prieska in the Middle Orange River region of the Northern Cape Province in South Africa. 

Pioneer holds a diamond mining right on the farm Remhoogte and Bondeo owns other diamond mining and prospecting operations in the Middle Orange River region, where it holds a regional presence and extensive local knowledge.

Some conditions must be met before the deal will be finalized; however, Trans Hex believes that  Bondeo will meet those requirements before the end of 2015.