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Losses Grow at South Africa’s Trans Hex

Company offloading unprofitable Lower Orange River mines.
Jun 24, 2018 7:42 AM   By Rapaport News
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RAPAPORT... Trans Hex Group’s losses widened 2% to $13.9 million (ZAR 186.8 million) in the past fiscal year, reflecting the termination of its Lower Orange River (LOR) mining operations.

The company halted production at the unprofitable LOR division in South Africa in October, and agreed in April to sell the assets to a firm called Lower Orange River Diamonds. Revenue from LOR fell 54% to $15.3 million (ZAR 205.9 million) due to the mines — Baken and Bloeddrif — being on care and maintenance for a large part of the financial year ending March 31. Losses at the discontinued operations grew 81% to $15.9 million (ZAR 213 million) from $8.7 million (ZAR 117.4 million) last year.

Sales at Trans Hex’s continuing operations — West Coast Resources in South Africa and Somiluana in Angola — more than doubled to $14.3 million (ZAR 192.5 million). The miner recorded a $2 million (ZAR 26.2 million) profit at those assets, compared with a loss of $4.9 million (ZAR 65.2 million) a year ago.

Image: Google
Tags: Baken, Bloeddrif, LOR, Lower Orange River, Lower Orange River Diamonds, mining, Rapaport News, South Africa, Trans Hex
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