Tri-Star Resources PLC AGM Statement (9830X)
May 12 2016 - 2:00AM
UK Regulatory
TIDMTSTR
RNS Number : 9830X
Tri-Star Resources PLC
12 May 2016
12 May 2016
Tri-Star Resources plc
("Tri-Star" or the "Company")
Chairman's AGM Statement
Tri-Star Resources plc (AIM: TSTR), the independent mining and
mineral processing company, announces that at today's Annual
General Meeting, the Chairman of Tri-Star, Mark Wellesley-Wood,
will deliver the following statement:
"Tri-Star's strategy is to become a leading antimony processing
and technology company. The Company's principal focus is on
actively managing its 40% interest in Strategic & Precious
Metals Processing LLC ("SPMP"), a joint venture company that is
currently developing the Oman Antimony Roaster ("OAR"), in Sohar,
Oman.
"SPMP has made significant progress since achieving financial
close in September 2015, having appointed a lead contractor and
carried out a series of successful test-works. With these
milestones achieved, SPMP is fully funded to bring the OAR plant
into production. We remain confident that construction of the OAR
will be completed in 2017 and within the original capital cost
estimate of $62m. SPMP, with support from Tri Star, has produced
its first metal samples in a saleable form from its mini Pilot
Plant, which is currently based in Johannesburg. The OAR plant
design has now been frozen and SPMP is preparing to place orders
for long lead time items in the next three months.
"Of particular significance has been the development of an
additional revenue stream for the OAR. By adapting the original
flow sheet, but without increasing the capital budget, the plant
has been modified to recover by-product gold from mixed
gold-antimony concentrates. This development will widen the range
of feedstocks accessible to the plant as well as significantly
de-risking its exposure to the antimony price. It is then
anticipated that the experience gained from gold production will
assist the team in producing a full feasibility study for the
processing of refractory gold ores in a possible second plant.
"Tri Star's personnel and skills are now focussed on achieving
SPMP's commercial objectives and we have representation on the
joint venture commensurate with this. Emin Eyi is the CEO of SPMP,
I am on the Board and Chair the Trading Sub Committee as well as
serving on its Remuneration Committee and the Contracting and
Construction Committee. Meanwhile, Guy Eastaugh sits on the Audit
Risk & Governance Committee. Brian Spratley, previously our
Technical Director and on a leave of absence from Tri-Star, heads
the technical team at SPMP which has supervised all the
metallurgical test work.
"Elsewhere, Tri-Star has focussed primarily on cost reduction
and custody of its upstream assets in Canada and Turkey.
Restructuring in these areas is now largely complete.
"As a result of these positive outcomes we remain confident of
achieving our objectives for 2016 against a backdrop of recovering
antimony prices."
Enquiries:
Tri-Star Resources plc Tel: +44 (0)
Guy Eastaugh, Chief Executive 20 3470 0470
Officer
SP Angel Corporate Finance (Nomad Tel: +44 (0)
and Broker) 20 3470 0470
Robert Wooldridge / Jeff Keating
Yellow Jersey PR Limited (Media Tel: +44 (0) 7825
Relations) 916 715
Dominic Barretto / Alistair
de Kare-Silver
Notes to Editors
Tri-Star Resources plc is an independent mining and mineral
processing company, which is quoted on the AIM market of the London
Stock Exchange plc. The Company is engaged in the exploration,
mining and downstream value added processing for a minor metal,
antimony.
Tri-Star is a partner in the Oman Antimony Roaster Project, a
planned antimony production facility with a capacity of 20,000
tonnes per annum of metal being developed by Strategic &
Precious Metals Processing LLC, an Omani company in which Tri-Star
has a 40% interest.
Tri-Star also has antimony exploration licenses in Turkey and in
Canada (New Brunswick) and a mining permit in Turkey.
Tri-Star has a highly experienced management team with
capabilities in exploration geology, mining, mineral processing and
finance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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