JOHANNESBURG (miningweekly.com) – Shares in Aim-qouted Tri-Star Resources surged on Tuesday as the company announced Traxys Europe will supply antimony and antimony gold concentrates to its project in Oman.
Tri-Star owns an equity interest in Strategic & Precious Metals Processing (SPMP), which is building the Oman Antimony Roaster (OAR) project in the Port of Sohar Free Zone.
SPMP CEO and Tri-Star deputy chairperson Emin Eyi said the agreement brought “considerable value” to the project.
“Work has already commenced with the Traxys team on identifying and approaching major suppliers of antimony and antimony gold concentrates at a time when some 50% of China's antimony smelters are shuttered pending environmental concerns," he commented in a statement.
Traxys will act as supplier to SPMP of concentrates and direct shipping ores as feedstock for the OAR for an initial five years from the first shipment. The cost to SPMP will be based on the purchase contract cost incurred by Traxys plus an agreed sourcing fee and transactional expenses.
The raw materials will be delivered to, and warehoused by, Traxys until required by SPMP.
Tri-Star has a 40% equity interest in SPMP, with the other joint venture partners being Oman Investment Fund and DNR Industries.
Tri-Star traded 70% higher at 0.24p a share on Tuesday afternoon after having touched 0.28p a share earlier in the day.