Asset Sale Puts Trans Hex Back in Black

RAPAPORT... Trans Hex Group's sale of its Lower Orange River (LOR)project has brought the South African diamond miner back to profitability,after losses from the operation reached ZAR 197 million ($13.7 million) a yearago. Company profit came to ZAR 52 million ($3.6 million) for thefirst fiscal half ending September 30 versus a loss of ZAR 199.2 million ($13.8million) during the same period last year, Trans Hex said Thursday. In April,Trans Hex agreed to sell the project, which includes the Baken andBloeddrif mines, to Lower Orange River Diamonds. The South Africadeposits hadbeen on care and maintenance for a large part of the company's financial year,which ended March 31. Without the income from the sale of LOR, the miner would haverecorded a loss of ZAR 26.8 million ($1.9 million). Sales at Trans Hex's continuing operations, which includeWest Coast Resources in South Africa and Somiluana in Angola, more than tripledto ZAR 136.2 million ($9.5 million). Image: Rough diamonds.