Trans Hex warns of widened losses for FY17

15th June 2017 By: Megan van Wyngaardt - Creamer Media Contributing Editor Online

JOHANNESBURG ( – South African diamond miner Trans Hex Group expects to have widened its losses for the 2017 financial year.

In a trading update published on Thursday, the group said it expects to report a loss a share of 173.5c for the year ended March 31, compared with a loss a share of 94.4c in the prior year.

It further anticipates reporting a headline loss a share of 114.6c, compared with last year’s headline loss a share of 56.9c.

The JSE-listed miner said the widened losses were owing to a 19.5% decrease in sales revenue from its South African operations, along with R27.4-million in impairment charges incurred at its Lower Orange River operations.

An equity accounting loss from West Coast Resources, which amounted to R71.3-million, including the group’s share of an impairment charge to mining rights after tax, of R43.4-million, would also lead to the watershed.