|
TSX
TSX
TSX - Trans Hex Group Limited - News Update
TRANS HEX GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number (1963/007579/06)
Share code: TSX and NSX: THX
ISIN: ZAE000018552
("Trans Hex")
NEWS UPDATE
Trans Hex is pleased to provide an update on its latest diamond sale and various
matters pertaining to the Group.
TENDER SALE - JULY 2008
The 2008 calendar year has seen a significant strengthening in rough diamond
prices in all categories but particularly in the large high quality stones which
constitute the bulk of the Trans Hex Production.
The total value of the Trans Hex July sale was 11 823 carats generating a
revenue of just under US $17 million. The average price was US $1426/carat. 6
Stones sold for in excess of US $20 000 per carat with a 27 carat Baken stone
achieving US $50 000 per carat and a 13 carat Baken stone receiving US $40 000
per carat. In total 45 stones in excess 10 carats were sold during the sale.
OPERATIONAL RESPONSIBILITY - FUCAUMA MINE - ANGOLA
As announced on 7 May 2008, the members of the Fucauma Association have granted
Trans Hex operational responsibility for the Fucauma mine for a period of four
years. The comprehensive recovery plan for the project is being actively
implemented and has focused on the appointment of suitably qualified and
experienced senior and key management for the operation and the recapitalisation
and rebuilding of the mining equipment fleet.
Despite the fact that the current earthmoving equipment is largely inoperative,
the operation`s production has returned to pre closure levels of approximately
3000 carats/month. Detailed cost analysis and management reporting is currently
being implemented which is contributing to Trans Hex`s ability to utilise its
considerable expertise in alluvial diamond mining operations, at Fucauma.
KIMBERLY CONSOLIDATED MINES LIMITED (KCM)
A due diligence into a potential joint venture with KCM in respect to its Carter
Block concessions in the Northern Cape Province of South Africa has been
concluded. Trans Hex has decided not to pursue a potential joint venture with
KCM, as a review of available and new exploration and mineral chemical data, has
indicated that the project`s potential was unlikely to meet the Group`s
exploration criteria and expectations.
Trans Hex Continues to evaluate numerous business opportunities in its current
areas of operation as well as suitable entry level projects in new territories
within Africa.
CHIEF EXECUTIVE OFFICER`S COMMENTS
Commenting on the July sale results, the Chief Executive Officer, Llwellyn
Delport said:
"The outstanding results from our July sale reaffirms Trans Hex`s ability to
extract and market high quality rough diamonds from its South African operations
and confirms Trans Hex`s place as one of the leading producers of such stones".
Cape Town
16 July 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Namibian Sponsor
IJG CORPORATE FINANCE (PTY) LTD
Date: 16/07/2008 11:45:07 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
