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Mozambique Ministry of Mines has given a green card to Tritonâs mining concession application submitted for Ancuabe Graphite Project in Mozambique, East Africa. The news sent the Tritonâs share price to jump 12.821% to last trade at $0.044 on 14 December 2018.
On Friday, Triton Minerals Ltd (ASX:TON) announced that the company had received confirmation from Mozambique Ministry of Mines (INAMI) about the successful completion of the assessment of Ancuabe Mining Concession application, thereby approving the application. Further, the application is now forwarded to the Ministry of Mineral Resources for the final stage of approval and signing on behalf of the Mozambique government.
Managing Director, Peter Canterbury, said Ministerial approval is the final step in the mining concession application process and a critical step in enabling Triton to secure funding for the Ancuabe Graphite Project in Mozambique.
Mr. Canterbury added âThe Board is extremely pleased that the government of Mozambique has supported the development of this world-class asset. Mozambique has a long and proud history of mining and both regional and national government bodies have been extremely supportive during the permitting process further reinforcing that Mozambique is a premier location for mining in East Africa.â
The company is likely to commence graphite production at Ancuabe from the first half of 2020. It is estimated that the graphite market will considerably expand in future especially in China as Chinese producers struggle through high supply pressures, lower grade flakes, and tougher regulatory environment. Triton targets to become a leading producer of high-grade graphite and associated metals that delivers maximum value to the companyâs shareholders.
Triton Minerals Ltd is an ASX listed, engaged in the production of graphite. Its flagship graphite project is located within the Cabo Delgado region of Northern Mozambique. In January this year, the company issued 9,500,000 unlisted options to its directors with an exercise price of $0.11 and a vesting date of 9 January 2019 and an expiry date of 9 January 2020. As per the companyâs cash flow statement, Triton Minerals had $529,000 in cash and cash equivalents for the quarter ended 30 September 2018. It reflects the negative net cash from operations of $1,087,000.
Looking to the past performance of the stock, we can see TONâs stock price has nosedived 45.83% over the past one year while since the past three months to 14 December 2018, the stock price is down by 12.821% at $0.044.
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