Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTSTR.L Regulatory News (TSTR)

  • There is currently no data for TSTR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Sale of first Antimony and Update

13 May 2020 07:00

Tri-Star Resources Plc - Sale of first Antimony and Update

Tri-Star Resources Plc - Sale of first Antimony and Update

PR Newswire

London, May 12

Tri-Star Resources PLC / AIM: TSTR / Sector: Natural Resource 

13 May 2020

Tri-Star Resources plc ("Tri-Star" or the "Company")Sale of first Antimony and Update 

Tri-Star Resources plc (AIM: TSTR), the minerals processing company, announces an update on its investment in Strategic & Precious Metals Processing LLC (“SPMP”), an antimony and gold production facility in the Sultanate of Oman in which the Company holds a 40% equity interest. The other joint venture partners are The Oman Investment Fund Holding Company LLC (“OIF”) (40% equity holder) and DNR Industries Limited, part of Dutco Group in Dubai (20% equity holder).

First sale of AntimonySPMP has sold and on 6 May SPMP shipped its first consignment of antimony comprising 60 tonnes of antimony metal ingots. This is an important step in the ramp-up of operations at SPMP. The management of SPMP expects the plant to be operating at 50% of capacity by the end of Q2 2020 and 100% by the end of the year.

Update on COVID-19Following the diagnosis of an employee operating in the roaster section of the plant having tested positive for COVID-19, SPMP executed its COVID-19 mitigation protocol successfully in accordance with Ministry of Health’s published guidelines. In accordance with these guidelines, a number of employees have been placed in isolation for a period of 14 days, which will have a consequent short-term impact upon production. SPMP’s management is developing a plan to resume production on the roaster on a limited basis with the personnel allowed to remain on site. 

FinancingAs announced on 8 April 2020, SPMP is continuing its discussions with local banks to provide a USD60m term loan facility who expressed an interest in providing a working capital facility of up to USD45m (out of a total required of USD 60m, as announced on 3 January 2020) subject to meeting certain criteria. It should be noted, however, that until such facilities are agreed, the future financing of SPMP remains uncertain.

ArbitrationAs also announced on 8 April 2020, OIF has issued a Request for Arbitration, commencing an arbitration proceeding with Tri-Star, DNR and SPMP as Respondents. A Sole Arbitrator has now been appointed but has yet to make contact with the parties.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014 until the release of this announcement. 

**ENDS** 

For further information, please visit www.tri-starresources.com or contact:

Tri-Star Resources plc David Facey, CEO/ CFO c/o SBP Tel: +44 (0)20 7236 1177
St Brides Partners (Financial PR) Isabel de Salis / Beth Melluish Tel: +44 (0)20 7236 1177
SP Angel Corporate Finance (Nominated Adviser) Jeff Keating/ Caroline Rowe Tel: +44 (0)20 3470 0470
finnCap Ltd (Broker) Scott Mathieson / Camille Gochez Tel: +44 (0)20 7220 0500

Notes to Editors:

Tri-Star’s principal interest is in an antimony and gold production facility (the “SPMP Project”). The SPMP Project is based in Sohar, Sultanate of Oman, and is being developed by Strategic & Precious Metals Processing LLC (“SPMP”), an Omani company in which Tri-Star has a 40% equity interest.

Date   Source Headline
9th Dec 20205:01 pmPRNHolding(s) in Company
9th Dec 202011:05 amRNSSecond Price Monitoring Extn
9th Dec 202011:00 amRNSPrice Monitoring Extension
9th Dec 202010:06 amPRNSecondary Trading following Cancellation
8th Dec 20203:59 pmPRNHolding(s) in Company
7th Dec 202011:06 amRNSSecond Price Monitoring Extn
7th Dec 202011:00 amRNSPrice Monitoring Extension
7th Dec 20209:48 amPRNHolding(s) in Company
4th Dec 20202:34 pmPRNHolding(s) in Company
4th Dec 202012:17 pmPRNDirector Changes
3rd Dec 20206:00 pmRNSTri-Star Resources
2nd Dec 20202:10 pmPRNResult of AGM
2nd Dec 202010:01 amPRNHolding(s) in Company
2nd Dec 202010:01 amPRNHolding(s) in Company
1st Dec 20202:05 pmRNSSecond Price Monitoring Extn
1st Dec 20202:00 pmRNSPrice Monitoring Extension
20th Nov 20209:59 amPRNHolding(s) in Company
18th Nov 20201:21 pmPRNHolding(s) in Company
18th Nov 202011:05 amRNSSecond Price Monitoring Extn
18th Nov 202011:00 amRNSPrice Monitoring Extension
13th Nov 202012:05 pmPRNPress Speculation
9th Nov 20209:06 amPRNRestoration of Trading
9th Nov 20209:00 amRNSRestoration - Tri-Star Resources PLC
9th Nov 20207:00 amPRNHalf-year Report
9th Nov 20207:00 amPRNNotice of AGM and Intention to Delist
5th Nov 20207:00 amPRNFinal Results
3rd Nov 20207:01 amPRNAccounts Update
3rd Nov 20207:00 amPRNSettlement Agreement
1st Oct 20207:30 amRNSSuspension - Tri-Star Resources PLC
30th Sep 20207:36 amPRNTemporary Suspension
10th Sep 20201:53 pmPRNDelay to the notification of Interim Results
9th Jul 20207:00 amPRNUpdate
29th May 20207:00 amPRNTotal Voting Rights
13th May 20207:00 amPRNSale of first Antimony and Update
6th May 20202:15 pmPRNIssue of Equity
24th Apr 20204:41 pmRNSSecond Price Monitoring Extn
24th Apr 20204:36 pmRNSPrice Monitoring Extension
8th Apr 20207:00 amPRNUpdate on SPMP
26th Feb 202010:33 amPRNDirectorship Changes at SPMP & Funding Update
9th Jan 20207:00 amPRNUpdate on SPMP
3rd Jan 20205:45 pmPRNCorrection : Update on SPMP
3rd Jan 20207:00 amPRNUpdate on SPMP
19th Nov 20197:00 amPRNCommercial Grade Antimony Metal Produced
31st Oct 20197:00 amPRNTotal Voting Rights
25th Oct 20197:00 amPRNSubscription raises £316,000
16th Oct 20198:09 amPRNAntimony Concentration 99.5% & Gold 5%, Issue of Equity
30th Sep 20197:00 amPRNInterim Results
19th Aug 20197:00 amPRNFirst Commercial Grade Dore Produced
24th Jul 20194:39 pmPRNResult of AGM
24th Jul 201910:20 amPRNAGM Statement

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.