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Tri-Star unit secures US$30M funding for Oman antimony, gold JV

Tri-Star Resources PLC's 40% subsidiary Strategic & Precious Metals Processing LLC, or SPMP, secured a US$30 million finance facility to fund the construction of the Oman Antimony Roaster project in Oman, which will process mixed antimony and gold ores.

The facility, secured from Alizz Islamic Bank SAOG, will be used for a combination of project and trade finance, according to a March 22 release.

The facility will rank alongside the company's existing debt provided by Bank Nizwa SAOG and brings SPMP's total debt facility to US$70 million.

According to the report, overall plant construction is about 86% complete, and first antimony metal is scheduled for production in June.

Discussions to sell the antimony metal to customers and the gold doré to a gold refinery are ongoing, the company said.