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Trans Hex Sees Subdued Trading as Reports South Africa Production Results

Sep 16, 2015 5:36 AM   By Rapaport News
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RAPAPORT... Trans Hex reported that it earned $17.5 million (ZAR 236.1 million) from the the May, June and September 2015 tender sales of production from its wholly owned its South African operations. The sales totaled 20,570 carats at an average price of $896 per carat, according to a company announcement.

Production at those operations amounted to 20,839 carats for the five months ended August 31. The junior diamond mining company expects to release its first-half financial results for the six months ending September 30, 2015 on or about November 2, 2015.

The company said challenging market conditions and low demand from China and India have “slowed trading considerably, in a market which is already feeling the pressure of a global downturn.” Trans Hex expects trading and rough diamond prices to “remain subdued for the remainder of 2015.”

West Coast Resources, in which Trans Hex has a 40 percent stake, produced 4,490 carats in the five-month period. Angola’s Somiluana Mine, where Trans Hex holds a 33 percent stake, produced 63,834 carats in the same period.

Trans Hex shares today fell almost 6 percent to 16 cents (ZAR 2.20) per share in morning trading on the Johannesburg Stock Exchange, extending this quarter's decline to more than 31 percent.
Tags: Rapaport News, results, South Africa
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