Trans Hex interim results September 2018
Sales revenue increased to R136.2 million (2017: R40.1 million), gross loss came in at R37.1 million (2017: profit of R9 million), mining loss widened to R37.3 million (2017: loss of R25.7 million), loss attributable to owners of the parent from continuing operations jumped to R35.4 million (2017: loss of R2.3 million), while headline earnings per share from continuing operations turned around to 40.6 cents per share (2017: headline loss of 4.4 cents per share).
The Board has resolved not to declare an interim dividend.
West Coast Resources operations
Prospecting will continue to target high-priority areas that may identify additional resources for mining. Mining activities will remain focused on the Langklip area and on other sections of the Koingnaas area. Production for the 2019 financial year is expected to be in the order of 140 000 carats, compared to 2018 financial year actual production of 173 920 carats.
Shallow water operations
Production from the Shallow water operations for the 2019 financial year is expected to be in the order of 10 000 carats, compared to 2018 financial year actual production of 9 012 carats.
Mining operations will continue on the east bank of the Luana River at Nzagi, in the south-west at Lulau, and at other areas currently being evaluated. Production results and geological work through drilling and bulk sampling indicate that carat production for the 2019 financial year is expected to be in the order of 133 000 carats, compared to 2018 financial year actual production of 136 402 carats.
The Group is actively evaluating potential new diamond properties and pursuing opportunities to expand its diamond-marketing activities.
Changes to the board
Mr James Gurney resigned as Alternate Director, effective 26 November 2018.