LONDON, May 14 (Argus) - Argus has learned that Strategic Precious Metals Processing (SPMP) is seeking a buyer or an operator to manage its antimony smelter in Oman.
According to market participants, SPMP has approached at least one Chinese company to sell the smelter. The company is also considering retaining ownership while another company takes over the operation. The smelter has an antimony processing capacity of around 20,000 tonnes per year of metallurgical grade and antimony trioxide, including up to 10,000 tonnes per year of antimony trioxide. When operating at full capacity, the plant accounts for approximately 12% of global metallic antimony production.
SPMP halted production at the plant in early 2024, eliminating a key supply source from the global market. Initially planned as a temporary shutdown, the company did not resume operations. A global shortage of concentrates has exacerbated the situation. SPMP does not have its own mines, so a sustained recovery will depend on securing a stable supply of raw materials. The company also has the capacity to produce 50,000 ounces of gold per year.
SPMP was established in 2014 as a joint venture between the Omani government (through the current Oman Investment Authority), the UK-listed Tri-Star Resources, and Dubai-based DNR Industries. Since then, ownership has changed, but Tri-Star Resources and the Oman Investment Authority remain the main stakeholders after restructuring and financing changes.
SPMP declined to comment. This potential sale or partnership comes at a time of increased strategic interest in antimony processing capacity, as market participants seek supply outside China due to strict export controls. Southeast Asian production has expanded rapidly over the past year due to global supply tightness.
