BANK NIZWA SIGNS $40MN FINANCING DEAL FOR OMAN’S 1ST ANTIMONY PLANT

MUSCAT: Bank Nizwa on Sunday signed a US$40mn financing agreement with Strategic & Precious Metals Processing (SPMP) to build an antimony metals roasting and tri-oxide manufacturing plant in the Sohar Freezone.

The bank tailored a combination of Sharia’a-compliant financing solutions to meet the needs of SPMP for a seven-year ‘door-to-door’ period.

He said that the bank has built a solid name and reputation in the market, adding, “With the growing awareness of the significant liquidity pool that is now available through Islamic finance, corporate customers have become motivated to explore the benefits of our innovative products and services and find the best fit for their requirements.”

The agreement was signed by Dr Jaroudi and SPMP partners: Sheikh Hassan al Nabhani, CEO of Oman Investment Fund (OIF); Emin Eyi, managing director of Tri-Star Resources, and Jason Peers, director of Castell Investments Ltd.

Established in 2013, SPMP is a joint venture company in which OIF holds a 40 per cent stake, with Tri-Star Resources, a UK-based integrated antimony development company, owning 40 per cent and 20 per cent held by Dubai’s Castell Investments, a subsidiary of Dubai Natural Resources (Dutco), an energy and mining sectors’ investment company.

With an annual production capacity of 20,000 tonnes, the SPMP plant is the world’s first commercially viable antimony roasting facility to be constructed outside China in the last 30 years.

Eyi said that the various phases of the project are expected to take from 18 months to two years to design, engineer, construct and commission to full production. The total cost for the project is US$65mn of which approximately 60 per cent is being financed through this agreement and 40 per cent raised by various investors.

SOURCE: Muscat Daily