Triton gets Ancuabe mining permit

TRITON Resources has been granted a mining permit for the Ancuabe graphite project in Mozambique, with funding now the final hurdle to be jumped for the circa US$100 million development.
Triton gets Ancuabe mining permit Triton gets Ancuabe mining permit Triton gets Ancuabe mining permit Triton gets Ancuabe mining permit Triton gets Ancuabe mining permit

Triton getting set for Ancuabe development, Mozambique

Triton said it would now "accelerate discussions with sponsor banks" of its EPC contractor MCC International.

The ASX-listed company also said discussions with MCC indicate that the capex estimate is anticipated to be lower than the DFS estimate.

Triton has already signed a project investment, financing and offtake MoU with Qingdao Jinhui Graphite Co and various other MoU's for offtake and graphite product marketing.

Ancuabe has been assessed as a 60,000t per annum graphite in concentrate operation, generating average free cashflow of about $28 million per annum after tax.

Triton started the current quarter with just under A$800,000 cash.

Share in Triton were up 11% to 4.9c in morning trade, capitalising the company at $45 million.