Triton Minerals has signed a letter of intent with MCC International Incorporation Limited (MCC), the foreign business of the Metallurgical Corporation of China Ltd, to sign a future contract for engineering, procurement and construction (EPC) at the concession for graphite exploration in Ancuabe, northern Mozambique, the Australian company said.
In a statement released this week, Triton Minerals added that the selection of a construction company is a key step in the process of securing financing, allowing for these negotiations to be speeded up.
The Australian company added that signing of the letter of intent will accelerate the execution of the formal EPC contract, which is expected to be signed in the current quarter, and the parties have already agreed that the contract will have a fixed base price, “which provides guarantees of capital costs and the construction schedule.”
Triton Minerals’ Managing Director Peter Canterbury said in the statement that the contract to be signed with MCC will help develop the Ancuabe concession, which was formally approved by the Board last June.
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)