Trans Hex acts to resolve joint-venture dispute
Trans Hex Group Limited
News release
termination 1 of 1
Trans Hex acts to resolve joint-venture dispute
Following an on-going unresolved material dispute with its joint-venture
partner, Trans Hex has withdrawn the services of its deep-water mining vessel,
the Mv Namakwa, from the Marshall Fork area off the Namibian coast.
The joint venture with Canadian-based Diamond Fields International (DFI) had
been operational since May 2001, commencing five months ahead of schedule and
recovering almost 27 000 carats in the first eleven months of operations.
According to Andr Louw, Trans Hex`s executive director in charge of marine
operations, the dispute arose from differences in the interpretation of certain
aspects of the joint-venture agreement relating to mining recovery rates in the
joint-venture area.
"Geological and mining conditions experienced in the joint-venture areas proved
to be more difficult than DFI`s exploration work had identified. We registered
our dissatisfaction to our partners in November 2001 in accordance with
prescribed procedures," said Louw.
"Although some compromises were agreed in December 2001, more than seven months
have passed without a solution to the fundamental differences. This has
resulted in the automatic termination of the joint venture."
The return of Mv Namakwa to South African waters has effectively stopped all
mining activities in the joint-venture area of Namibian Mining Licence 111.
Ends.
For further information : Andr Louw
Trans Hex Group
Tel: 021 937 2000
Issued by : Cullum Johnston
BHA Communications
Tel: 021 683 2685 / 083 212 2455
Date : 8 July 2002
Date: 08/07/2002 08:30:00 AM Produced by the JSE SENS Department
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