UK-based Tri-Star Resources has confirmed its 40 per cent equity interest in a company which will now proceed to build a 20,000-tonne-per-annum antimony processing facility in Oman.

“I am delighted to announce that we have delivered on our commitment to Oman and with committed funds of $70 million now in place, plant construction can commence,” said Emin Eyi, managing director.

“This is a transformational transaction for Tri-Star, following many years of development, and the project has substantial technical and economic potential.  It provides Tri-Star with direct exposure to an upstream conversion business with the prospects of healthy margins and cash flow once in production.”

“We are confident that SPMP (Strategic & Precious Metals Processing) will also proceed to build a second processing facility for refractory gold ores, hence becoming a leading converter of difficult concentrates at a time when the industry requires more environment-friendly and economical routes to metal,” Eyi added.

Tri-Star’s equity funding commitment of $6 million has been met through the application of the first two tranches, totalling $4 million, from the sale of intellectual property rights to SPMP under the deed of assignment dated June 5 2015, together with a further $2 million from Tri-Star’s own cash resources.

An additional $2 million tranche remains payable under the deed of dssignment to Tri-Star by SPMP on the commissioning of an antimony roasting pilot plant, part of the overall OAR, and will be used by Tri-Star for general corporate purposes. – TradeArabia News Service