Triton Minerals has signed a memorandum of understanding with Chinese company Qingdao Jinhui Graphite Co. Ltd which could become a binding agreement within six months, the Australian company said recently.
The memorandum signed with “one of China’s leading graphite companies with extensive experience in mining, processing and sales,” came about after initial contacts made by Jinhui Graphite, followed by trade and technical meetings on the development of Ancuabe’s graphite project in Mozambique.
The binding agreement includes an investment of up to 10% in the Ancuabe project, additional financing through debt or purchase of equipment, buying a maximum of 15,000 tonnes of graphite concentrate per year and technical collaboration to add value by supplying graphite to Chinese refractory and battery companies.
Triton Minerals said in the statement that the project requires the approval by the Minister of Mineral Resources and Energy of Mozambique of the mining concession for an initial period of 25 years, which will be renewable for subsequent periods of 25 years.
In July 2018, the Australian company signed a letter of intent with MCC International Incorporation Limited (MCC), the foreign business arm of the Metallurgical Corporation of China Ltd group, to sign a future contract for engineering design, component acquisition and construction (EPC) in the graphite concession in Ancuabe, northern Mozambique. (Macauhub)