Trans Hex has provided the following update on its operations.
SOUTH AFRICA
South African carat production has been below target for the year to date, primarily as a result of grade under-performance at Baken Mine (average of 1.30 carats/100m3 against budget of 1.75 carats/100m3).
It is expected that the Baken grade will recover during the second half of the year.
The Group’s May 2010 sale amounted to R114.7 million, at an average price of $927 per carat, reflecting continued strong demand and prices for Trans Hex’s rough diamond production.
ANGOLA
Following the signing of the mining contract for Project Luana, in which Trans Hex has a 33% interest, in May 2010, pilot mining operations commenced in July 2010.
Stockpiled exploration and pilot production of 26 452 carats was sold subsequently, at an average price of $312 per carat, realising total proceeds of over $8.2 million.
A minimum of 8 300 carats will be sold during September 2010.
The Luana partners have agreed to a one year business plan which will result in the mine initially being developed from internally generated funds.
Projects Luarica and Fucauma (in which Trans Hex holds 35% and 32% respectively) remain under care and maintenance.
Related posts:
- Trans Hex February Diamond tender Sees Average price of US$952 per carat
- West African Diamonds Sells 16 Carat Diamond for US$1,000 per Carat
- Trans Hex Expects Increased Losses; Diamond Production in South Africa Down Significantly
- Diamond Producer Pangea DiamondFields Sells 2,813 Carats of Diamonds for Average of $180 Per Carat
- 2009 Diamond Production: 124.8 Million Carats of Diamonds Worth $8.6 Billion
