Tri-Star Associate Secures USD30 Million Loan Facility From Alizz Bank

LONDON (Alliance News) - Mineral exploration technology and processing firm Tri-Star Resources PLC on Thursday said that its associate company Strategic & Precious Metals Processing LLC has secured a USD30 million finance facility from Alizz Islamic Bank SAOG, to be used for project and trade finance.

The new finance facility brings Strategic & Precious Metals Processing total debt facility to USD70 million. Tri-Star, has a 40% equity interest in Strategic & Precious Metals Processing, which is constructing a roasting facility in Oman to process mixed antimony and gold ores.

"We are proud to provide Shari'a compliant financing to SPMP proving that Islamic banking can spur more private sector growth and employment within new and prospective industries and contribute to Oman's economic diversification. Over the past four years, we have built a solid reputation in the market. Supporting the Sultanate's first antimony smelter project signifies the important role we play in Oman's banking sector and that we provide effective financial intermediation to fund further investment," said Salaam Al Shaksy, chief executive officer of Alizz Islamic Bank SAOG.

Shares in Tri-Star Resources were up 5.3% at 0.032 pence on Thursday morning.