JOHANNESBURG (miningweekly.com) - JSE-listed diamond company Trans Hex said on Thursday that negotiations for the conversion of its prospecting contract for the Luana concession in Angola to a mining contract had been successfully concluded and signed.

The company earned 33% equity interest, through successful prospecting activities in the area and an approved feasibility study.

The newly signed mining contract allowed for Trans Hex to appoint an operations and financial-mangers and a GM for the project.

The company said in a media statement that pilot production would continue in the area with equipment that was already on site, and that its partners would in due course decide how the mine would be developed.

However, the selling of the mine's product would start immediately.

Trans Hex other operations in the country, Luarica and Fucauma, remained mothballed with minimal care-and-maintenance costs being incurred.

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