Trans Hex and DBCM Discuss Future of Namaqualand Diamond Mine
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07.09.08, 10:07
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Mining
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Mining Weekly reports that JSE-listed gem-miner Trans Hex (HFD.BE ) has entered into exclusive discussions with De Beers Consolidated Mines (DBCM) to “explore options” for the latter’s Namaqualand alluvial diamond operation.
DBCM’s Namaqualand diamond operation is located along the stretch of the Atlantic Coast in South Africa’s Northern Cape Province. As the country’s largest alluvial diamond mine, production is expected to reach 330,000 carats of diamonds this year.
Previously, De Beers and the South African government had reached an agreement according to which De Beers' Namaqualand diamond assets would be consolidated with state-owned diamond miner Alexkor's West Coast diamond operations into a single company, in which the government would hold a 20% stake.
DBCM reiterated that it supported the possible consolidation of diamond mining assets on the West Coast, which it noted would facilitate diamond mining in the region. It is not clear whether the diamond project consolidation plan with the South African government is still under consideration.
Following an ongoing dispute with a local community regarding the seizure of land, 49% of Alexor is now owned by the Richtersveld community, while the State retains 51% ownership.
Trans Hex operates alluvial diamonds mines in the Northern Cape and Angola. The company, which recently took over operational control at the Fucauma diamond mine in Angola, claims to have raised diamond production to the same levels as before the mine was closed.
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By: Rachel Lieberman, Israel Diamond Industry Portal
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