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Asset Sale Puts Trans Hex Back in Black

Dec 16, 2018 9:22 AM   By Rapaport News
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Trans Hex Group’s sale of its Lower Orange River (LOR) project has brought the South African diamond miner back to profitability.

Company profit came to ZAR 52 million ($3.6 million) for the first fiscal half ending September 30 versus a loss of ZAR 199.2 million ($13.8 million) during the same period last year, Trans Hex said Thursday.

In April, Trans Hex agreed to sell the loss-making project, which includes the Baken and Bloeddrif mines, to Lower Orange River Diamonds. The South Africa deposits had been on care and maintenance for a large part of the company’s financial year, which ended March 31.

Without the income from the sale of LOR, the miner would have recorded a loss of ZAR 26.8 million ($1.9 million).

Sales at Trans Hex’s continuing operations, which include West Coast Resources in South Africa and Somiluana in Angola, more than tripled to ZAR 136.2 million ($9.5 million).

Image: Rough diamonds.
Tags: Baken, Bloeddrif, Lower Orange River, Lower Orange River Diamonds, Rapaport News, Somiluana, Trans Hex, Trans Hex Group, West Coast Resources
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