- Mining and minerals processing company Tri-Star Resources said a 'significant funding solution' had been agreed for a key gold processing facility in Oman.

The facility was owned by Strategic & Precious Metals Processing, of which Tri-Star is a 40% shareholder.

Fellow shareholders Oman Investment Fund Holding Company and DNR Industries had agreed to provide a new mezzanine loan of $35m.

The new funding would primarily cover short term working capital and capital expenditure requirements as the facility nears first revenue and a longer-term financing solution was finalised.

Tri-Star would maintain its 40% shareholding and was not required to inject any new funds into the project.

Tri-Star acting chief executive Karen O'Mahony confirmed a listing of SPMP was being planned.

'SPMP will now be appointing independent advisors to look at listing feasibility, together with the optimal structure and timing for the company and its shareholders,' he said.

'Meanwhile, on the ground, the management team continues to work to solve the issues that are holding back first production at the plant to ensure that it takes its place as a globally significant beneficiation facility for years to come.'

At 9:22am: [LON:TSTR] TriStar Resources PLC share price was 0p at 50.5p

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