Triton Minerals Ltd. will acquire full ownership of Grafex Ltda. and its graphite assets in Mozambique after entering into an agreement to acquire Gregory James Sheffield's 20% interest in the company for US$1.5 million.
The company said Feb. 21 that it expects the transaction to help it secure approvals in Mozambique and help with off-take and financing negotiations for its feasibility-stage Ancuabe graphite property.
Triton Minerals signed an off-take term sheet earlier in February for 16,000 tonnes of graphite concentrate per year from Ancuabe and is targeting an investment decision on the project in the second quarter.
The company expects to close the Sheffield deal on or around March 21, subject to approvals. If the deal closes without ministerial approval in Mozambique, the company will be entitled to the economic benefits related to Sheffield's stake instead of obtaining legal title to the interest.
Triton Minerals also has the Balama graphite property and the Nicanda Hill graphite-vanadium deposit in Mozambique.