Industry News by Nemesis

Trans Hex to Offload Another Mine

May 27, 2019

 

Trans Hex plans to sell nearly 70% of its Namaqualand operations to the same company that bought its Lower Orange River mines last year. 

The miner is currently negotiating terms for the sale of the South Africa-based project with Christopher and Nathiera Kimber of Kernel Resources, who also own Lower Orange River Diamonds. Until the sale is final, Kernel Resources will be responsible for all management and mining services at Namaqualand as an independent contractor, Trans Hex said last week. 

During the negotiation period, Kernel will receive at least 90% of the proceeds derived from diamond sales. It will be responsible for rehabilitating the mining area once operations are completed. The deal will also give Kernel the first right to purchase Trans Hex’s marine mining operations should it decide to sell the venture, Trans Hex noted. 

The Kimbers purchased Trans Hex’s Lower Orange River, which consists of the Baken and Bloeddrif mines in South Africa, in April 2018 for ZAR 72 million ($5.9 million). 

Image: The Namaqualand mine. (Trans Hex)

 

Source: Rapaport

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