News

Advanced Search

Losses Grow at South Africa’s Trans Hex

Jun 24, 2018 7:42 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Trans Hex Group’s losses widened 2% to $13.9 million (ZAR 186.8 million) in the past fiscal year, reflecting the termination of its Lower Orange River (LOR) mining operations.

The company halted production at the unprofitable LOR division in South Africa in October, and agreed in April to sell the assets to a firm called Lower Orange River Diamonds. Revenue from LOR fell 54% to $15.3 million (ZAR 205.9 million) due to the mines — Baken and Bloeddrif — being on care and maintenance for a large part of the financial year ending March 31. Losses at the discontinued operations grew 81% to $15.9 million (ZAR 213 million) from $8.7 million (ZAR 117.4 million) last year.

Sales at Trans Hex’s continuing operations — West Coast Resources in South Africa and Somiluana in Angola — more than doubled to $14.3 million (ZAR 192.5 million). The miner recorded a $2 million (ZAR 26.2 million) profit at those assets, compared with a loss of $4.9 million (ZAR 65.2 million) a year ago.

Image: Google
Tags: Baken, Bloeddrif, LOR, Lower Orange River, Lower Orange River Diamonds, mining, Rapaport News, South Africa, Trans Hex
Similar Articles
Lucapa Lulo 150Lucapa Eyes Increased Share in Lulo
Nov 28, 2019
Lucapa Diamond Corporation is in advanced discussions with the Angolan government to secure a majority stake in its Lulo
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 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.