Tri-Star Resources PLC Oman Antimony Roaster Project Update (1964Z)
16 Settembre 2015 - 8:24AM
UK Regulatory
TIDMTSTR
RNS Number : 1964Z
Tri-Star Resources PLC
16 September 2015
16 September 2015
Tri-Star Resources plc
("Tri-Star" or the "Company")
Oman Antimony Roaster Project Update
Achievement of Financial Close
Further to the Company's announcement on 24 August 2015 the
Board of Tri-Star (AIM: TSTR) is delighted to announce that
following the satisfaction, completion or waiver of all outstanding
conditions to the Strategic & Precious Metals Processing LLC
("SPMP") shareholders' agreement, financial close has been
achieved.
Equity funding by the partners has taken place and Tri-Star has
confirmed its 40% equity interest in SPMP. SPMP will now proceed to
develop a 20,000 tonne per annum antimony processing facility in
the Sultanate of Oman (the "OAR").
Key Points:
-- Landmark milestone achieved and $70 million funding package now in place.
-- Commissioning of plant expected during 2016 and commercial production by 2017.
-- Board confident that SPMP will also proceed to build a second
processing facility for refractory gold ores.
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 5 June 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
Assignment 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.
Emin Eyi, Managing Director, commented:
"I am delighted to announce that we have delivered on our
commitment to the OAR and with committed funds of $70 million now
in place, plant construction can commence.
"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 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
environmentally friendly and economical routes to metal.
"We look forward to working with our joint venture partners to
bring this exciting project into production to become one of the
first sizeable Western World antimony roasters."
Enquiries:
Tri-Star Resources plc Tel: +44 (0)
Emin Eyi, Managing Director 20 3470 0470
Guy Eastaugh, Chief Financial
Officer
SP Angel Corporate Finance (Nomad Tel: +44 (0)
and Broker) 20 3470 0470
Robert Wooldridge / Jeff Keating
Tel: +44 (0)
Yellow Jersey PR Limited (Media 7738 076 304
Relations)
Alistair de Kare-Silver / Dominic
Barretto
This information is provided by RNS
The company news service from the London Stock Exchange
END
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