JOHANNESBURG (miningweekly.com) – JSE-listed Trans Hex will acquire a further 27.2% shareholding in West Coast Resources (WCR) from investment company RAC for R39.1-million in shares.
The acquisition will be settled through the issue of 9.4-million new Trans Hex shares.
Trans Hex already holds a 40% interest in WCR through its wholly owned subsidiary Trans Hex Diamante.
“Following implementation of the transaction, WCR will become a 67.2% held subsidiary of the group, further enhancing Trans Hex’s management and operational control over WCR and bolstering Trans Hex’s South African footprint,” the company said in a statement on Monday.
Trans Hex has been contracted by WCR to manage the day-to-day operations of its Namaqualand project and to market the diamonds produced at the project.