Losses Grow at South Africa's Trans Hex

RAPAPORT... Trans Hex Group's losses widened 2% to $13.9 million (ZAR186.8 million) in the past fiscal year, reflecting the termination of its LowerOrange River (LOR) mining operations. The company halted production at the unprofitable LORdivision in South Africa in October, and agreed in April to sell the assets toa firm called Lower Orange River Diamonds. Revenue from LOR fell 54% to $15.3million (ZAR 205.9 million) due to the mines - Baken and Bloeddrif - being on care and maintenance for a large part ofthe financial year ending March 31. Losses at the discontinued operations grew81% 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 CoastResources in South Africa and Somiluana in Angola - more than doubled to $14.3million (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