Trans Hex to Exit Luarica, Fucauma Diamond Projects in Angola
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Trans Hex Group Ltd., Africa’s biggest publicly traded diamond producer, said it plans to exit the Fucauma and Luarica projects in Angola as talks over funding new exploration at the sites failed to reached an agreement.
“Exit discussions are underway” between the partners about the projects the Cape Town-based company said in an e-mailed response to questions today. The two mines halted production in May 2009 when Trans Hex and its partner, Endiama EP, mothballed the operations in response to the global financial crisis, which led to a slump in diamond demand.