22nd Sep 2015 11:19
LONDON (Alliance News) - Tri-Star Resources PLC Tuesday reported a widened pretax loss for its first half as it focussed on developing the Oman Antimony Roaster Project in the Sultanate of Oman and appointed Guy Eastaugh as its chief executive officer.
Eastaugh is the company's chief financial officer, and will take up the new position in addition of his existing role. Emin Eyi will step down as managing director, as he is taking up the position of chief executive officer of Strategic & Precious Metals Processing LLC, which is developing the Oman Antimony Roaster Project, and in which Tri-Star has a 40% interest.
Eyi will take up the position of non-executive deputy chairman of Tri-Star.
For the half year to end-June the company reported a pretax loss of GBP1.6 million, widened from a pretax loss of GBP767,000 a year before, mostly as a result of a GBP820,000 finance income gain in the previous period, which offset lower exploration expenditure. It did not post revenue in either period.
During the half year Strategic & Precious Metals secured the required environmental licence for the project, and in June Tri-Star agreed to sell intellectual property relating to the roasting of previous metal oars to Strategic & Precious Metals for up to USD6 million.
Shares in Tri-Star were down 4.3% at 0.134 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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