Tri-Star Resources PLC's partners in Strategic & Precious Metals Processing LLC agreed to provide a US$35 million mezzanine loan to cover the joint venture's short-term working capital and capital expenditure requirements.
The company will maintain its 40% shareholding and will not have to inject new funds into the venture, which owns the Oman Antimony Roaster antimony-gold processing facility in Oman.
The shareholders will also consider a stock exchange listing of the unit after achieving commercial production at the project, according to a March 20 release.
Oman Investment Fund Holding Co. LLC and DNR Industries Ltd., 40% and 20% shareholders, respectively, will be repaid in priority to the existing mezzanine loan and any other unsecured debt.
The new loan will bear interest at 20% per annum, payable semiannually.