Trans Hex Concludes First Luarica Diamond Sales

South African miner Trans Hex said it has concluded the first sales from its Luarica operation in Angola, where mining began in April of this year.

The firms said it sold 20,000 carats at an average price of more than $300 dollars per carat.

The parcel included 25 stones larger than 10 carats, the largest of which was a 76-carat white stone.

“We are pleased to have earned our first revenue from Luarica less than a year after signing our joint venture agreement with Endiama,” said Trans Hex’s CEO Calvyn Gardner. “Prices achieved were in line with expectations and confirm our belief that Luarica is a world class deposit.”

Trans Hex reached a joint venture agreement with the Angolan State Diamond Organization Endiama in 2002 to mine the Luarica concession in which it has a 35 percent share.

Trans Hex explores, mines and markets high quality alluvial diamonds from both land and sea operations. It operates mines off the coasts of South Africa and Namibia and in Angola.