The board of directors of Triton Minerals has approved a project to explore graphite deposits in Ancuabe, Cabo Delgado province, northern Mozambique, which will require an investment of US$99.4 million, the Australian company said in a statement issued in Perth on Friday.
The statement added that the company has begun preparation work, including earthworks for construction of a dam, as well as repairing roads that were affected by the rainy season to allow the transportation of equipment, and construction of the field itself.
Triton Minerals managing director Peter Canterbury said the development of the Ancuabe project will provide substantial benefits to the Mozambican government, to the residents in the area of the mine as well as to shareholders, and said initial production of graphite concentrate was expected in the second half of 2019.
The Ancuabe project contains estimated graphite deposits of 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)