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Tri Star Resources PLC Announces Memorandum Of Understanding Signed For Establishment And Financing Of Joint Venture Company To Undertake Roaster Project


Wednesday, 9 Oct 2013 10:01am EDT 

Tri Star Resources PLC announced that it has entered into a non-binding Memorandum of Understanding (MOU) with Oman Investment Fund (OIF), a Sovereign Wealth Fund of the Sultanate of Oman, and Castell Investments Ltd (Castell) whose ultimate parent company is Dubai Transport Company to establish a joint venture company to construct and operate an antimony roasting facility (the Roaster) in Oman. As previously announced, the Roaster, a 20,000 tonne per annum nameplate capacity antimony metal and tri-oxide manufacturing facility, has a total estimated cost of USD60 million. The joint venture company, to be called Strategic & Precious Metals Processing LLC (SPMP), will be incorporated in the Sohar Free Trade Zone (Sohar FTZ) in Oman, which is managed by Sohar Industrial Port Company SAOC, itself a joint venture between the Port of Rotterdam and the Sultanate of Oman. The Sohar FTZ is being developed into a regional and international hub for the downstream processing of metals and minerals. It is served with logistical nodes, including its close proximity to the Port of Sohar, and low energy costs. The fiscal regime for Sohar FTZ companies is also attractive with a zero corporation tax rate provided that certain Oman national employment levels are achieved. SPMP is expected to enter into a land lease over a 22 hectare plot in Sohar FTZ. Under the MOU, the Joint Venture Parties will own and control SPMP in the ratio 40% by Tri-Star Resources, 40% by OIF and 20% by Castell. 

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