LONDON (Alliance News) - Tri-Star Resources PLC Friday said it has made progress at its Oman-based Roaster Project and narrowed its operating loss in its second quarter.
The integrated antimony development company reported a pretax loss of GBP678,000 for the three months at June 30, 2014, narrowed from a GBP710,000 loss in the same period of 2013.
The company has not generated any revenues from external customers during the period.
Tri-Star reported an operating loss of GBP589,000 for the three months, compared to a GBP705,000 loss last year and a net loss of GBP292,000 from the GBP616,000 loss recorded last year.
For the half-year Tri-Star said its pretax loss narrowed from GBP1.2 million from GBP2.7 million. In the first-hald the company reported an operating loss of GBP1.2 million, flat on the previous year, and a net loss of GBP534,000, narrowed from GBP1.2 million for the first-half of 2013.
Since entering a shareholders' agreement with its joint venture partners in its Roaster Project in April, now Oman Investment Fund and Castell Investments Ltd - in respect of Strategic & Precious Metals Processing LLC - Tri-Star has announced intentions to construct and operate a 20,000 tonne per annum nameplate capacity antimony metal and tri-oxide manufacturing roasting facility in the Sultanate of Oman.
SPMP has since been incorporated in the Sohar Free Trade Zone in Oman. The Sohar FTZ is being developed into a major regional and international hub for the downstream processing of metals and minerals and SPMP has entered into a land lease over a 22 hectare plot in Sohar FTZ, said Tri-Star; the new joint venture in Oman will be the first facility outside China to supply EU standard metal.
Tri-Star's Turkey business in the eastern part of the exploration area at Göynük, in the Murat Dagi mountains of western Turkey has been upgraded to a mining license. Further permitting will be required however in order for a mining and operations permit to be issued and for future mining operations to take place, it said.
Looking ahead, Tri-Star continues to expect 2014 to be a period of "significant advancement" for the company, it said.
Tri-Star shares were up 0.58% to 0.156 pence per share Friday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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