Triton Minerals takes control of Mozambican subsidiary Grafex Limited

16 March 2018

Triton Minerals now owns 100% stake of its Mozambican subsidiary Grafex Limited, after completing the purchase of a 20% stake in the company, Triton said in a statement released on Thursday.

“The acquisition of full economic ownership comes at an important time for the development of the Ancuabe project,” one of the most promising prospecting sites for mines, said Peter Canterbury, the company’s chief operating officer.

Canterbury said it will also help organise the financial operation so that the company can make a final investment decision in the second half of 2018.

In a statement released on 21 February, the Australian company announced it had reached an agreement to take full control of the share capital of Grafex Limitada, the Mozambican subsidiary in which it had an 80% stake and which gave it access to three mining licenses in the districts of Ancuabe, Balama and Montepuez in the province of Cabo Delgado

The deal, which Triton Minerals said would allow it to secure mining concessions and buyers for the graphite to be extracted and better financing conditions, came after the company reached an agreement with partner Gregory James Sheffield to buy the remaining stake of 20% for US$1.5 million.

The Ancuabe project contains estimated graphite deposits at 3.04 million tons and the definitive economic feasibility study concluded that the concession could produce 60,000 tons of graphite concentrate per year over a 27-year period. (macauhub)