Triton Minerals has approved development of the Ancuabe graphite project in Mozambique.
The company expects to launch construction at Ancuabe in the second half of 2018, with first graphite production targeted in the second half of 2019.
Triton is targeting a high-value graphite mine, with estimated annual production of 60,000t/y of graphite concentrate over 27 years.
The final investment decision (FID) to approve development follows the positive definitive feasibility study (DFS), and development and commercialisation activity completed in 2018, which confirmed the board’s confidence in the quality of the project and projected economics.
Triton managing director Peter Canterbury said the development of Ancuabe would deliver substantial benefits for government, stakeholders and communities in northern Mozambique.
“As outlined in the DFS, Ancuabe is forecast to deliver strong economic returns for Triton, and we are excited to continue to de-risk and deliver balue for shareholders as we progress to first production,” Canterbury said.
“We are seeing continued strong demand and pricing for high purity, large flake, graphite products that will be produced at Ancuabe.”
Since releasing the DFS, Triton has completed FEED engineering, pilot plant and environmental work and studies; secured binding off-take agreements for up to 50 per cent of annual production; acquired a 100 per cent economic interest in the project; progressed EPC tenders; submitted a mining concession application; and received environmental approvals and submitted applications.