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Trans Hex worried over delayed Namaqua acquisition

10th October 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE-listed diamond company Trans Hex on Thursday voiced its concern over the long-outstanding issue of State ownership in De Beers Consolidated Mines' (DBCM’s) Namaqualand Mines.

Trans Hex, through its 50%-owned subsidiary Emerald Panther Investments, had offered to buy the mining operation in 2011 and was now driving to conclude the R166-million deal by October 15.

But the failure of DBCM and the South African government to reach agreement regarding the State’s 20% ownership of the operations had continually delayed the closure of the deal.

The resultant delays had prompted Trans Hex to offer recommendations to DCBM on finding a resolution on commercial terms.

“Trans Hex and DBCM have agreed that all appropriate steps will be taken as a matter of urgency,” the company said in a statement.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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