{"id":12800,"date":"2024-07-03T13:58:08","date_gmt":"2024-07-03T13:58:08","guid":{"rendered":"https:\/\/gbc1.net\/?p=12800"},"modified":"2024-07-16T04:42:43","modified_gmt":"2024-07-16T04:42:43","slug":"shandong-yulong-buys-70-stake-in-triton-minerals-graphite-mining-assets-in-mozambique","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2024\/07\/03\/shandong-yulong-buys-70-stake-in-triton-minerals-graphite-mining-assets-in-mozambique\/","title":{"rendered":"Shandong Yulong Buys 70% Stake in Triton Minerals’ Graphite Mining Assets in Mozambique"},"content":{"rendered":"\n

On 2 July 2024, Triton Minerals<\/a> (ASX:TON) announced that it agreed to sell to Shandong Yulong<\/a> (SHA:601028) a 70% stake in its graphite mining assets in Mozambique in return for cash worth USD 17 million. The assets include the flagship Ancuabe project, as well as Nicanda Hill, Nicanda West, and Cobra Plains.<\/p>\n\n\n

\n
\"Location
Location of Graphite Mining Assets in Mozambique<\/figcaption><\/figure><\/div>\n\n\n

In its statement, Triton Minerals declared that is plans “to pursue value-accretive acquisitions with a view to diversifying its portfolio.” <\/p>\n\n\n\n

Triton Minerals will retain a 30% share in the Joint Venture (JV) giving it the opportunity to co-develop and operate the projects while keeping an interest in the graphite market.<\/p>\n\n\n\n

It is worth noting that Shandong Yulong and its associates already held a combined 36% share. The USD 17 million will be disbursed in three instalments.<\/p>\n\n\n\n

The first instalment is USD 2.55 million within 15 days from signing the agreement. Another USD 5.95 million will be paid once certain pre-determined conditions are met, including the registration of the Mozambique #JV<\/a>. The final outstanding balance of USD 8.5 million is expected to be settled in February 2025.<\/p>\n\n\n\n

In 2017, an exploration study of the Ancuabe project confirmed that the asset is of high-quality and long-life. The Study estimates reserves of 24.9 million tonnes with a grade of 6.2% total graphic carbon (#TGC<\/a>). <\/p>\n\n\n\n

At an production rate of 60,000 tonnes per annum of graphite concentrate, the mine can operate for 27 years.<\/p>\n\n\n

\n
\"Ancuabe
Ancuabe T16 Graphite Mine Project<\/figcaption><\/figure><\/div>\n\n\n

The total indicated and inferred mineral reserves at Ancuabe’s T12 and T16 deposits is estimated at a combined total of 46.1 million tonnes with an average #TGC<\/a> of 6.6%.<\/p>\n\n\n\n

#Graphite<\/a> is considered as one of the #CriticalMinerals<\/a> that go into the manufacture of batteries for Electric Vehicles (#EV<\/a>).<\/p>\n\n\n\n

This deal is in line with the plan of Triton Minerals which aims to become one of the top graphite producers in East Africa. <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

On 2 July 2024, Triton Minerals (ASX:TON) announced that it agreed to sell to Shandong Yulong (SHA:601028) a 70% 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