Tri-Star Resources associate Strategic and Precious Minerals Processing LLC (SPMP) is still having engineering problems with its Sohar antinomy-gold processing facility in Oman.
Tri-Star owns 40% of the facility operator. The plant has produced antimony metal in the pilot furnace, but the teething problems with the plant continue and they are being sorted out.
However, this has left SPMP short of cash. An additional $35m mezzanine loan has been secured from the Oman Investment Fund (40% shareholder in SPMP) and DNR Industries Ltd (20% shareholder). This has priority over other loans in terms of repayment. Tri-Star does not have to inject any new cash.
SPMP is appointing advisers to assess the possibility of a listing for the company. Commercial production is likely to commence before this happens.
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