24th Aug 2015 08:36
LONDON (Alliance News) - Tri-Star Resources PLC on Monday said Strategic & Precious Metals Processing LLC has entered into a definitive agreement for USD40.0 million in debt funding to back work at the Oman antimony roaster project.
Tri-Star owns a 40% stake in Strategic & Precious Metals Processing, which is developing the roaster project.
The funding will be provided by Oman-based Bank Nizwa SAOG.
Total funding for the project is now confirmed at USD70.0 million, Tri-Star said, with the USD40.0 million from Bank Nizwa added to the USD15.0 million the joint venture partners will inject into the project and a USD15.0 million mezzanine debt facility.
"This is an important development for Tri-Star and its joint venture partners. Financial close of the roaster project will enable SPMP to move on to the detailed engineering and technical work required in order to commence construction," said Emin Eyi, Tri-Star's managing director.
Tri-Star shares were up 3.5% to 0.119 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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