News

Advanced Search

De Beers, Trans Hex Revise Namaqualand Sales Agreement

Aug 8, 2012 11:57 AM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... De Beers Consolidated Mines entered into an amended sales agreement with Trans Hex for the Namaqualand Mines in South Africa. The parties agreed to amend the Namaqualand Mines' asset package for which De Beers will retain the Buffels marine mining rights, while Trans Hex will acquire the balance of the Namaqualand Mines mining and prospecting rights and associated environmental rehabilitation liabilities.

The transaction on this restructured asset package, excluding Buffels, is valued at $20 million (ZAR 166 million). Both parties have also entered into an option agreement through which Tran Hex's subsidiary, Emerald Panther Investments, could assume  ownership of Buffels within the next four years and  will also have an additional two-year preemptive period to acquire Buffels if a transaction does not close.

De Beers and Trans Hex entered into a sales agreement for Namaqualand on May 6, 2011.

Tags: De Beers, Jeff Miller, Trans Hex
Similar Articles
Firestone 150Firestone Sees Rise in Output, Prices
Apr 25, 2018
Firestone Diamonds’ production and selling prices increased in the third quarter amid better rough-market conditions
Trans HexTrans Hex Sells Idle Mines
Apr 23, 2018
South Africa-based diamond producer Trans Hex is selling two of its Lower Orange River mines that
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.