Triton Minerals, an Australian company engaged in graphite mining in Cabo Delgado province, northern Mozambique, has obtained funding of 20 million Australian dollars to develop the project in Balama Norte, the company said in a statement issued Tuesday.
To this end, the company entered into a binding agreement with Long State Investments Ltd, a company based in Hong Kong, to provide financing on a discretionary basis over the next two years.
This funding will allow the company to focus on seeking buyers for the minerals to be extracted, along with completion of environmental studies and definitive feasibility study by the end of this year.
Estimates point to Nicanda Hill containing 3.9 million tons of vanadium oxide in addition to zinc and other base metals. (macauhub/MZ)