Australia-based mineral explorer and resource management firm Triton Minerals has agreed to acquire a 60% interest in the Mozambique graphite projects.
Following discussions with its joint venture (JV) partner Grafex, Triton will move from its current holding of a 49%-interest to a majority stake in the Balama and Anucabe projects.
Triton said it will make a number of staged cash payments totalling $550,000 over the next 18 months and share issues (totaling 5 million shares) to the current Grafex shareholders.
The company will utilise the compensation that was originally allocated to acquire a 51%-interest in the projects under the JV terms.
Triton will increase its stake to 75% in Grafex after commencement of a definitive feasibility study.
The company will acquire an 80% equity interest in Grafex if a project moves into graphite production.
Triton managing director Brad Boyle said the company has taken steps to ensure it has a majority controlling interest of the Mozambique graphite projects.
"This position will allow the company to advance the graphite projects in a more timely fashion," Boyle added.
"Triton has taken this step in light of the strong drilling and exploration results that have demonstrated various zones of large flake high grade graphite and vanadium mineralisation at the Nicanda Hill prospect and along the 5km mineralisation zone on the Cobra Plains prospect, both in the Balama North project."
Triton Minerals was established in 2006 as Australian Mineral Fields and the company's prospecting licenses cover more than 1,150km².