(Alliance News) - Tri-Star Resources PLC on Thursday said its investee Strategic & Precious Metals Processing LLC is no longer in technical default on its loans to Bank Nizwa SAOG and Alizz Islamic Bank SAOG.
The move follows a USD16 million cash injection by Oman Investment Fund into Strategic & Precious Metals and consequent payments made by Strategic & Precious Metals to its bankers, Tri-Star explained.
Tri-Star holds a 40% interest in Strategic & Precious Metals, with other joint venture partners being Oman Investment Fund, holding a 40% stake, and DNR Industries Ltd, holding the reminder.
The AIM-listed minerals processing company noted that talks continue between the shareholders over terms and structure of a short-term financing for Strategic & Precious Metals.
Tri-Star shares were trading 11% higher in London on Thursday midday at 15.75 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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