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Tri-Star reports delay to Oman antimony JV production start, ups capital cost

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Tri-Star reports delay to Oman antimony JV production start, ups capital cost

Tri-Star Resources Plc has pushed the timing of the production of first metal from its Oman Antimony Roaster project in Oman to the end of the second quarter of 2018.

The company did not specify a reason for delaying initial production from the first quarter.

The overall capital cost for the project is now estimated at US$110 million, compared US$96 million previously, according to the Dec. 21 release.

Cold commissioning is still due to start in January 2018, and the plant will ramp up to its operating capacity of 20,000 tonnes of antimony and 60,000 ounces of gold by mid-2019.

The company said it has received expressions of interest from potential off-takers for metal and metal products from end consumers in Europe, America and Japan.

Tri-Star unit Strategic & Precious Metals Processing LLC is also looking into direct sales of antimony ingot and gold into the market.

Additionally, the company is looking to raise about £4.4 million by issuing new shares at 1 pence each.

Shareholders can subscribe for 2.250106 open offer shares for every one share held.

Tri-Star will use the funds for part prepayment of the US$6 million of loan notes issued to the Odey Funds in November 2017, and for general corporate purposes.