The sale is a part of the company’s strategic process, which was initiated in March 2007, to sell its mining and prospecting projects located between Douglas and Prieska in the Middle Orange River region of the Northern Cape.
Pioneer Minerals holds diamond mining rights on the Remhoogte farm.
The sale agreement includes conclusion of a marketing agreement pursuant to which Trans Hex has the right to market all diamonds produced at Remhoogte.
The transaction is subject to approval from the Minister of the Department of Mineral Resources, and must be finalized by no later than 31 December 2015, Trans Hex said.
If approved, Trans Hex will transfer the environmental rehabilitation liability associated with Remhoogte to the purchaser.
