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Tri-Star: Short-term funding secured for Oman antimony-gold JV

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.