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Trans Hex Warns of Greater Losses

Jun 18, 2017 8:27 AM   By Rapaport News
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RAPAPORT... South Africa-based diamond miner Trans Hex expects that its net loss widened 81% to $14.2 million (ZAR 182.6 million) in the past fiscal year due to impairment charges and a slump in sales, the company warned Thursday.

Revenue from its South African operations fell 19.5% to $42.2 million (ZAR 540.2 million) during the 12 months that ended March 31, the miner said in a trading statement. Impairment charges  the cost of assets being devalued  related to its mines in the Lower Orange River region of South Africa amounted to $2.1 million (ZAR 27.4 million).

The company will release its full results on or around Thursday this week, it said.
Tags: Lower Orange River, mining, Rapaport News, South Africa, Trans Hex
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