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Tri-Star Resources said the Strategic & Precious Metals Processing venture in Oman, of which it held a 40% interest, was close to resolving technical issues that had delayed first gold production.
Tri-Star Resources said the SPMP venture had also appointed Hannam & Partners to help it source more debt financing to cover costs associated with the delay.
'The remedial works to resolve the technical issues announced on 18 February 2019 are largely completed,' the company said.
'In particular, the installation of a new gas cooling solution and modifications to the electric furnace have been successfully tested with a variety of calcine inputs,' it added.
'SPMP now expects to be able to move to the production phase of processing antimony and gold dore.'
'Accordingly, the company looks forward to making further announcements in this regard over the coming months as ramp up commences.'
'It should be noted, however, that similar to all complicated engineering processes, there may be unforeseen issues that will need to be solved.'
At 9:06am: (LON:TSTR) TriStar Resources PLC share price was -0.5p at 39p