The company reported that Mozambique’s Minister of Energy and Natural Resources, His Excellency Ernesto Max Elias Tonela, has granted the Mining Concession for the company’s Ancuabe Graphite Project (Ancuabe or the Project) in the Cabo Delgado province in Northern Mozambique.
Ministerial approval was the final step in the Mining Concession application process, with Triton now having secured the necessary regulatory approvals to progress the development of Ancuabe.
The grant of the Mining Concession is also a critical milestone in terms of finalising funding negotiations for the Project. It will allow Triton to accelerate discussions with sponsor banks of the Company’s nominated engineering, procurement and construction (EPC) contractor.
Triton Managing Director Peter Canterbury said:
“The Board is extremely pleased to receive final government approval for Ancuabe. Mozambique has a long and proud history of mining and both regional and national government bodies have been extremely supportive during the permitting process, further reinforcing that the country is a premier location for mining investment in East Africa.
“Triton has now signed binding off-take agreements for approximately 53% of annual production from Ancuabe, has executed an EPC contract with MCC International , has been granted its Mining Concession which is the final approval required to commence production at Ancuabe, as well as having signed a project investment, financing and offtake MoU with Qingdao Jinhui Graphite Co. Ltd and various other MOU’s for off-take, graphite product marketing and off-take.
“Importantly, the granting of the Mining Concession is a critical element of the financing process, that is progressing well. An announcement in relation to financing is expected in the near future.”
Upon completion of the funding package for Ancuabe, Triton anticipates commencing design work, mobilisation to site and construction immediately.
Source: Company Press Release
