Triton inches closer to opening Ancuabe graphite project

JOHANNESBURG (miningweekly.com) – ASX-listed Triton Minerals has started the transition from explorer to developer with the submission by its subsidiary Grafex Limitada of its Mining concession application (MCA) to the Instituto Nacional de Minas (INAMI) for its large flake, high-purity Ancuabe graphite project in northern Mozambique.

The MCA encompasses all aspects of the project including geology, mining, metallurgy, process design, infrastructure, environmental, social and community, marketing, implementation schedule and financial evaluation.

The MCA, once granted, allows the extraction and processing of mineral resources for the first 25 years of the project and is renewable for further periods of up to 25 years.

INAMI has issued a certificate that the application conforms with Mozambique mining law requirements.

Triton MD Peter Canterbury said the submission of the MCA was a key step in the development of the project. “[This] demonstrates Triton’s commitment to rapidly advancing the project and delivering value for our shareholders, local partners and communities in Mozambique.

“The Triton management team – both here in Perth and on the ground in Mozambique – are working hard to progress the project to an investment decision,” he noted.

Canterbury added that the company expected to deliver a number of significant project milestones in coming months including the definitive feasibility study in December, targeted maiden Joint Ore Reserves Committee-compliant reserve and the start of early works in the first quarter of 2018.

“[This] will continue to enhance the value of the Ancuabe project. Pleasingly this strong progress at Ancuabe has been achieved in a positive market for graphite and rising graphite prices, owing to continued growth and upgraded forecasts for the lithium-ion battery and building materials sectors in China,” explained Canterbury.