Triton acquires full ownership of Mozambique graphite projects
JOHANNESBURG (miningweekly.com) - ASX-listed Triton Minerals has entered into an agreement with Gregory James Sheffield and Grafex Limitada under which Triton has agreed to purchase Sheffield's 20% interest in Grafex.
On completion of the purchase, Triton's interest in Grafex will increase from 80% to 100%, and accordingly, Triton will have a 100% interest in its graphite projects in Mozambique.
In consideration of the purchase, the company has agreed to pay Sheffield $1.5-million.
Triton MD Peter Canterbury noted in a statement on Wednesday that acquiring full ownership of the projects "comes at an exciting point in the development of the Ancuabe project and will greatly assist in our efforts to secure approvals in Mozambique, as well as offtake and financing negotiations to support an investment decision in the second quarter of 2018."
He further said that the transaction was value accretive and that the simplified ownership structure would assist any discussions in relation to potential joint ventures for the Nicanda Hill project, which is one of the world's largest graphite projects and a globally significant vanadium deposit.
Completion of the transaction is expected to occur on, or around, March 21 and is conditional on all necessary consents and approvals being granted. If completion occurs without the responsible Mozambique Minister's consent to the transfer of the interest, it is contemplated that Triton will not obtain the legal title to Sheffield's interest.
Triton, however, will then be entitled to the economic benefits in relation to Sheffield's interest in Grafex, to the extend permissible, unless and until the required approval is obtained.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
