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Trans Hex Struggles Continue as CEO Quits

Aug 28, 2019 7:56 AM   By Rapaport News
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RAPAPORT... Llewellyn Delport has stepped down as CEO of Trans Hex following continued operating losses and uncertainty about the company’s future, it said Tuesday.  

Delport, who has been with the South Africa-based miner since 2004, will leave August 31. Board chairman Marco Wentzel will head the company until it finds a replacement.

Last month, Trans Hex issued a warning about its ability to continue as a business after recording a loss of ZAR 9.3 million ($654,592) in 2019. That followed a loss of ZAR 70.8 million ($5 million) in 2018.

Trans Hex has been in the process of offloading several of its operations to raise funds. In May, the company sold nearly 70% of its Namaqualand project, while in April 2018 it sold the Lower Orange River deposit.

In July, the miner stated an intention to buy back shares in the business prior to delisting from the Johannesburg Stock Exchange (JSE).

Image: Llewellyn Delport. (Trans Hex)
Tags: Llewellyn Delport, Lower Orange River, Marco Wentzel, Namaqualand, Rapaport News, Trans Hex
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