Trans Hex Signs Angola Mining Contract

South African mining group Trans Hex announced Thursday that its prospecting contract for the Luana concession in Angola was converted into a mining contract, signed on Wednesday.

Trans Hex will hold a 33 percent equity interest in the mining company. State-owned diamond company Endiama holds a 39 percent stake and three local companies hold the rest of the company. The mining contract allows Trans Hex to appoint the general manager, financial manager and operations manager.

Pilot production will continue with equipment already on site, and the partners will in due course decide how the mine will be developed.

The company did not disclose details about whom or how the production will be sold.