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.