UK-based Tri-Star Resources has confirmed project company Strategic and Precious Metals Processing (SPMP) has finalised $40m in financing for its $70m antimony roasting plant at the Sohar Free Trade Zone in Oman.

Local Islamic Bank Nizwa first announced the seven-year senior sharia-compliant facility in February.

SPMP has also secured a $15m mezzanine loan facility.

SPMP shareholders have agreed to contribute $15m in equity. Tri-Star, with a 40 per cent stake in the company, will provide $6m.

About $4m of Tri-Star’s equity commitment will be offset by the sale of intellectual property rights to SPMP. Another $2m will be paid on commissioning.

Detailed engineering work can now begin on the 20,000 tonne-a-year plant. It is due to be completed in 2016, with full commercial production scheduled for 2017.

The Oman Investment Fund owns 40 per cent of SPMP, with Dubai’s Castell Investments, a subsidiary of Dutco, owning the remaining 20 per cent.