Junior Triton Minerals has
completed the acquisition of an economic interest in the remaining 20%
shareholding of Grafex.Triton in February struck a deal
with private owner Gregory James Sheffield, under which the company will
purchase his 20% interest in Grafex for $1.5-million, taking its own interest
in the Mozambican graphite developer from 80% to 100%.
Triton MD Peter Canterbury said
on Tuesday that the company would need to seek formal approval for the transfer
of the interest under Mozambique legislation to complete the transfer of the
legal title; however, it would enjoy full economic benefit to the shares until
a formal approval was received.
“We are pleased to announce this
step towards consolidation of the ownership of Grafex and its graphite projects
in Mozambique. Acquiring full economic 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.”A recent definitive feasibility
study determined that Ancuabe would require preproduction capital of
$99.4-million to build a mine that is capable of producing about 60 000 t/y of
graphite concentrate. The study estimates a pretax net present value of
$298-million, a pretax internal rate of return 36.8% and near-term payback of
3.8 years.
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