JOHANNESBURG (miningweekly.com) - ASX-listed Triton Minerals has signed an offtake term sheet with China's Haida Graphite for graphite concentrate from the Ancuabe project, in Mozambique.

The term sheet sets the framework for a binding offtake agreement that is anticipated to be signed by March 15.

Triton said on Monday that the offtake agreement was substantially on the same terms as the term sheet with Tianshengda Graphite.

The latest term sheet meant that the company had executed offtake term sheets for up to 32 000 t/y of graphite concentrate from Ancuabe, which equated to about 50% of the project's anticipated yearly production.

This, the company said, was an exciting milestone for Triton, and once converted to binding agreements, would support project financing negotiations and strategic marketing strategies for the balance of the project's graphite concentrate production.

The offtake term sheet with Haida contains key terms including an option to extend for a further five years, up to 16 000 t/y of Ancuabe graphite concentrate with a minimum quarterly volume commitment of 2 500 t, with the price being set every six months at prevailing market graphite prices, as well as be distributed across all Ancuabe flake sizes.

"We are very pleased to announce the offtake term sheet with Haida, which substantially progresses our strategic goal of securing 50% of Ancuabe offtake by the second quarter of this year," Triton Minerals MD Peter Canterbury said.

He further added that Haida was one of the world's largest graphite producers and to become part of Haida's supply chain was a strong endorsement of the company's premium Ancuabe graphite.

Haida, which has extensive mining, processing and sales experience, produces a range of graphite products, including graphite sheets, spherical graphite, high purity and expendable graphite for customers in China and international markets including Japan, Korea, the US and Western Europe.