Triton Minerals has signed an agreement to acquire Gregory James Sheffield’s 20% interest in Grafex, which will allow the company to wholly own graphite projects in Mozambique.
Triton currently owns an 80% interest in Grafex, which will increase to 100% following the completion of the deal.
Under the terms of the agreement, Triton will make a $1.5m payment to Sheffield.
Triton managing director Peter Canterbury said:“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 off-take and financing negotiations to support an investment decision in Q2 2018.
“Further, this transaction is value accretive for the company and the simplified ownership structure will assist any discussions in relation to potential joint ventures for the Nicanda Hill project, one of the world’s largest graphite projects and a globally significant vanadium deposit.”
The Ancuabe graphite project is situated 60km west of Pemba, in northern Mozambique.
The move is aimed at consolidating the ownership of Grafex and its graphite projects in the country.
Subject to the receipt of all necessary consents and approvals, the transaction is expected to occur on or around 21 March.