Triton (ASX:TON) accelerates Ancuabe graphite
December 1, 2022Triton Minerals is moving straight into large-scale development following $5 million investment on the back of increasing demand for large flake graphite from its Anucabe project in Mozambique.
The showing of support from its cornerstone shareholder Shandong Yulong will trigger a revised project plan to expedite the project development, including funding to move into full production as quickly as possible.
The Company said Triton’s decision is driven by increasing demand for graphite from both battery and industrial applications and the potentially exceptional returns that the Ancuabe Project is expected to generate, as well as the support from proposed cornerstone shareholder Shandong Yulong.
Ancaube Graphite Project in Mozambique
“We are excited to announce this significant development for the Company and our shareholders, including our incoming proposed cornerstone shareholder Shandong Yulong, whose support for the development of the large scale Ancuabe Project will be greatly important in getting our world class project into production as soon as possible,” Executive Director Andrew Frazer said.
“The Ancuabe project is a world class graphite project due to its high purity and large flake concentrate, providing a sound basis to secure premium sales prices in a highly competitive market and combined with the proximity to port, road and power infrastructure and location within a proven graphite producing region. Yulong is very eager to assist the Company get into production as soon as possible,” Chairman Rod Zhang said.
High Quality Large Flake graphite
Price Action
The Company’s ASX-listed shares are 2.6c at Market Open.
Next Steps
The Company is completing a revised project plan, including an update of the 2017 DFS with a firm eye on Shandong’s capabilities as potential engineering, mining technology and construction, marketing and finance partner.
Ancuabe Economics
The 2017 DFS, established the Ancuabe project as a globally significant graphite development project, boasting strong returns (US$298m, IRR 37%), targeting production of 60ktpa of high purity large flake graphite concentrate over a long mine life (27 years), with short payback period (3.8 years).
2017 DFS Outcomes
The Ancuabe Graphite Project is based on developing two graphite mineral deposits T12 and T16 and the DFS has been used as the basis from which to estimate Ore Reserves for the project. The Ore Reserve and Resources for the Ancuabe project is reported in accordance with the JORC Code 2012.Cornerstone shareholder Shandong Yulong, have formally re-committed to the large-scale development of the Ancuabe Project as per the 2017 Definitive Feasibly Study (DFS)1, which established the project as a globally significant graphite development project, boasting strong returns (US$298m, IRR 37%), targeting production of 60ktpa of high purity large flake graphite concentrate over a long mine life (27 years), with short payback period (3.7 years).
About Shandong Yulong Gold Co.
Shandong Yulong Gold Co., Ltd., established in 1999 and registered in Jinan High-tech Zone, is a company listed on the main board of Shanghai Stock Exchange (stock abbreviation: Yulong Stock, stock code: 601028). Shandong Yulong, which has a market cap of ~$4.2 billion RMB, is primarily engaged in the trading of minerals, nonferrous metals, coal, chemicals and other bulk commodities. In addition, it is an active explorer across a range of minerals and is committed to becoming a high-growth international mining company with a global vision. Jinan Hi-tech Holding Group holds 29% of Shandong Yulong.
Triton Minerals
Triton Minerals (ASX:TON) is an emerging ASX listed company developing world-class graphite projects in the Cabo Delgado region of Northern Mozambique, arguably one of the world’s best graphite locations, for the graphite revolution.
Fundamental Data
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