Triton raises funds to advance Mozambique project
PERTH (miningweekly.com) – Minerals developer Triton Minerals has raised A$12-million through a share placement to a Hong Kong investor, institutional groups and sophisticated investors.
The miner said on Monday that it had placed some 34.3-million shares, at 35c each, to raise the funding that would enable Triton to rapidly progress the definitive feasibility study of its Nicada Hill graphite project, in Mozambique.
Funds raised would also be used to start an early works programme that would include the construction of access roads and laydown areas at the Nicada Hill site. A drilling programme would also be conducted to sterilise the areas for preconstruction work for the graphite processing plant and works plant.
A scoping study into Triton’s Nicada Hill project estimated that the project could support production of 210 000 t/y of graphite concentrate. The scoping study was based on a 51-million-tonne indicated resource, grading 12.4% graphitic carbon, for 6.3-million tonnes, and incorporated a 1.8-million-tonne-a-year throughput plant.
Furthermore, funding would also be used to undertake initial drilling at the Ancuabe project, also in Mozambique, with the intent of identifying additional graphitic mineralisation.
The share placement would be completed in a single tranche under the company’s current capacity, and would not require shareholder approval.
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