1% Trans Hex passes dividend
Brendan Ryan | Tue, 26 May 2009 08:09[miningmx.com] -- TRANS Hex has passed its dividend for the year to end-March in order to maintain cash reserves after losing R797m compared with a loss of R18.4m in the previous financial year. The bulk of that loss came from an impairment of assets charge of R569m of which R460m related to the Angolan operations while the group’s loss from mining operations amounted to R235.3m (previous financial year – R69.7m profit). Despite this Trans Hex had net cash on hand of R205m at end-March compared with R194m a year previously. CEO Llewellyn Delport predicted that demand for Trans Hex’s diamonds should continue to rise and prices strengthen throughout the 2009/2010 financial year. He added costs would be controlled to “ensure the sustainability of the group in current market conditions.” Production from the group’s South African mines dropped to 88,933 carats (previous financial year – 107,305 carats) because of lower grades in the first half of the year and the cessation of production in December and January. Delport predicted the South African mines should produce about 100,000 carats of diamonds in the current financial year. He said the grade at the Baken operations should improve as planned mining operations moved to areas which are expected to produced higher grades. Turning to Angola Delport said the Fucauma operation – over which Trans Hex has management control – has been placed on care and maintenance. He added Trans Hex was providing no funding for the Luarica operation while the feasibility study for Luana had been completed and mining contract negotiations “should be concluded during the financial year.” In South Africa the satellite PK production plant at Baken has been closed and the shallow water marine operations are in the process of being put under care and maintenance.
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