Tri-Star Resources Plc AGM Statement

 
TIDMTSTR 
 
Tri-Star Resources PLC / AIM: TSTR / Sector: Natural Resources 
 
24 July 2019 
 
             Tri-Star Resources plc ("Tri-Star" or the "Company") 
                                 AGM Statement 
 
Tri-Star Resources plc (AIM: TSTR), the minerals processing company, is holding 
its AGM today.  At the meeting, the Chairman, Adrian Collins will make the 
following statement: 
 
"As shareholders would have noted, the antimony-gold processing facility in the 
Sultanate of Oman (the Project') being developed by Strategic & Precious Metals 
Processing LLC ("SPMP"), in which we have a 40% stake, is now showing strong 
signs of progress.  The Project is the largest antimony roaster outside of 
China and the world's first 'Clean Plant', designed to EU environmental 
standards with a targeted capacity to produce in excess of 50,000 oz. of gold 
and 20,000 tonnes in combined antimony metal and antimony trioxide ("ATO") per 
annum. 
 
"With the announcement of maiden production of antimony metal and the news that 
the gold recovery circuit is now proven and operational, we believe the Project 
is entering the next stage of its development.  Accordingly, we are looking 
forward to providing regular updates as production of both commodities is 
ramped up and levels reach commercial purity and quantities. 
 
"We have all had to be patient over the last twelve months with the on-ground 
team having to both identify the issues with the Project and apply the relevant 
remedial work.  A new gas cooling solution was installed, and the first 
antimony smelting furnace bought on stream.  Work will now be carried out on 
the second furnace.  There are improvements to be made, however, we are 
confident from the early results that the team is on the right track and can 
deliver full production in 2020.  We are beholden to the SPMP team for 
development on the Project but will endeavour to update the market as regularly 
as possible. 
 
"We initiated an internal review and as a result have made several changes. 
Cost cutting is on-going with one of the Board's main targets being to keep the 
overhead to a minimum, and commensurate with the Company's status as a holding 
company whose principal asset is its  minority investment SPMP.  To ensure we 
are more technically aligned at the Project level, we appointed Wally Channon 
as an advisor to the Company.  He has an MSc in metallurgical engineering and 
over 40 years' experience operating and running metal processing plants; I 
believe he will make a significant positive contribution to SPMP on our behalf. 
 
"With regards to funding, negotiations are ongoing regarding the conversion of 
SPMP's existing mezzanine loans into an interest free shareholder loan and/or 
equity and it is expected that final terms will be agreed and the conversion to 
happen prior to the conclusion of the current round of SPMP debt funding. 
 
"In my short tenure as Chairman of the Company, I have witnessed much progress 
and would like to thank all stakeholders for their continuing support for our 
unique proposition in terms of commodity mix and partners.  We continue to 
believe in the strong long-term fundamentals for antimony metal and the 
potential for the Project to become a critical component in the global supply 
chain. The revenue generated from this, as well as that from the significant 
gold dory production circuit, should translate into significant long term value 
for Tri-Star and reward shareholders for their support." 
 
                                   **ENDS** 
 
For further information please visit www.tri-starresources.com or contact: 
 
Tri-Star Resources plc                                              c/o SBP 
David Facey, CEO/ CFO                              Tel: +44 (0)20 7236 1177 
 
St Brides Partners (Financial PR) 
Isabel de Salis/ Priit Piip                        Tel: +44 (0)20 7236 1177 
 
SP Angel Corporate Finance (Nominated 
Adviser)                                           Tel: +44 (0)20 3470 0470 
Robert Wooldridge/Jeff Keating 
 
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. Tri-Star also has 
antimony exploration licenses in Canada which are held for their potential 
contribution of feedstock to the SPMP Project. 
 
 
 
END
(END) Dow Jones Newswires
July 24, 2019 05:20 ET (09:20 GMT)
Tri-star Resources (LSE:TSTR)
Historical Stock Chart
From Oct 2024 to Nov 2024