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Triton receives A$8.5m from Jinan

10th December 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Triton Minerals has received A$8.5-million from a strategic placement from China’s Jinan Hi-Tech, as part of a larger A$19.5-million agreement.

Triton in June this year announced the agreement, under which Jinan would subscribe for A$8.5-million shares in Triton, taking some 207.3-million shares at 4.1c apiece, while also acquiring Triton shareholder Shandong Tianye Mining’s 19.3% stake in the company in a separate deal valued at A$11-million.

Triton on Tuesday said that Jigao had now completed its acquisition from Shandong, with the company’s interest in Triton increasing to 34.01% at the completion of both transactions.

Funds raised from the share placement will be used to start early construction activities, detailed engineering and the placement of long-lead item orders for the Ancuabe graphite project, in Mozambique.

A definitive feasibility study on the Ancuabe project estimated that it 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.

Edited by Creamer Media Reporter

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