24th Jul 2019 14:16
(Alliance News) - Tri-Star Resources PLC said on Wednesday that it has appointed former Shanta Gold Ltd consulting metallurgist Wally Channon as a company advisor.
In his annual general meeting statement Tri-Star Chair Adrian Collins said that Channon was appointed to ensure the company is more "technically aligned" at project level of an antimony-gold facility in Oman.
The facility, which according to a Tri-Star statement on Monday produced its maiden antimony, is in the "next stage of its development". It expects full production to be reached in 2020.
The minerals processing company has 40% stake in Strategic & Precious Metals Processing LLC which is developing the Oman facility.
The project has a targeted capacity to produce in excess of 50,000 ounces of gold and 20,000 tonnes of combined antimony metal and antimony trioxide per year.
The company said that keeping project overheads low is a "main target" so it is continuing with cost cutting measures.
Tri-Star also said that negotiations are ongoing in regards to the conversion of Strategic's existing mezzanine loans into an interest free shareholder loan or equity.
Shares in the company were down 1.2% at 41.00 pence each in London on Wednesday afternoon.
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