Diamond venture set up

Diamond venture set up

SYDNEY (Reuter): Diamond explorer Ocean Resources NL announced yesterday the formation of a joint venture with South African producer Trans Hex International for its Indonesian Sunda Shelf offshore diamond project.

Trans Hex International would invest US$5.0 million for a 30 percent stake in the project, Ocean said in a statement.

The company also would secure finance to take the project into production and would manage the project, it said. Ocean would retain 42 percent of the project with Toronto-based Indomin Resources Ltd holding the remainder.