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Trans Hex Hit by ‘23.5% Drop’ in Diamond Prices
Jun 2, 2016 12:48 PM
By Rapaport News
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RAPAPORT... Trans Hex Group, a diamond miner focused on
South Africa and Angola, swung to a loss and reported a slump in sales driven
partly by plummeting diamond prices.
Revenue slid 29 percent to $43.1 million
(ZAR 671.4 million) and the company reported a loss of $6.5 million in the fiscal year that ended March 31. Profit was $12.2 million a year ago. Diamond prices declined 23.5 percent compared with
the previous year, the company said.
Sales were also dampened by the disposal
of the Remhoogte mine to Rockwell Diamonds and the termination of operations at the Reuning mine. Both projects are in South Africa.
However, a 27-percent weakening of the rand
against the U.S. dollar had a positive impact on revenue, according to the miner,
which reports its results in the South African currency.
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Tags:
Angola, mining, Rapaport, Rapaport News, Remhoogte, Remhoogte mine, Reuning, Reuning mine, Rockwell, Rockwell Diamonds, South Africa, Trans Hex
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