Triton Minerals Ltd. signed a nonbinding memorandum of understanding with Qingdao Jinhui Graphite Co. Ltd. to develop the Ancuabe graphite project in Mozambique.

The parties expect to execute a binding agreement within six months. The agreement would include Jinhui providing direct investment of up to 10% in the project, financing support through concessional debt or equipment financing facilities, off-take of up to 15,000 tonnes per annum of graphite concentrate, and technical collaboration for value-added processing to supply Ancuabe graphite into Chinese markets.

Triton said March 14 that the Mozambique Ministry of Mines recommended that the Ancuabe mining concession be granted for an initial period of 25 years, and it now awaits approval from the minister of mines.

In November 2018, the company signed a nonbinding agreement with Suzhou Sinoma Design and Research Institute of Nonmetallic Minerals Industry Co. Ltd. covering the potential funding and provision of services for Ancuabe.