Photo by: Bloomberg
PERTH (miningweekly.com) – A new-look Triton Minerals has emerged from administration, resuming share trading on the ASX and with a renewed focus on the rapid development potential of its Ancuabe graphite project, in Mozambique.
Triton in March went into voluntary administration, shortly after announcing plans to become a graphite concentrate producer within a 12-month timeframe.
The administrators were appointed to assist Triton in reviewing its operations and financial position, and to formulate potential strategies to preserve and restructure the company and its operations.
Triton on Tuesday emerged with a new board and management, with the company telling shareholders that following the voluntary administration process, the company has now turned its focus to the evaluation and development of Ancuabe, and supply into the high-value end of the graphite supply market.
“We are now excellently positioned with strong cash levels of approximately A$8-million at bank, a supportive substantial shareholder in Shandong Tianye Mining, which is the nominee company of Minjar Gold, and a very attractive project opportunity that we believe can deliver significant value to all shareholders,” said new Triton MD Peter Canterbury.
He pointed out that the global graphite industry was currently going through a period of high growth, underpinned by the rapidly developing battery market.
“Preliminary testwork at Ancuabe has indicated that approximately 50% of the flake size distribution fits in the extra-large or jumbo flake size category, which could allow us to market into the niche and high-value end of the market,” Canterbury said.
During the voluntary administration process, Triton launched a 3 000 m diamond and 1 800 m reverse circulation drilling programme, and results from the drilling are expected over the coming three months.