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Australia Approves Shandong Yulong’s Purchase of 70% of Triton’s Graphite Projects

Australia Approves Shandong Yulong’s Purchase of 70% of Triton’s Graphite Projects

Australia’s Foreign Investment Review Board (FIRB) has approved the acquisition of a 70 per cent stake in the graphite projects of Triton Minerals, listed on the Australian stock exchange ASX, by Shandong Yulong Gold. The transaction includes strategic assets in Mozambique, such as the emblematic Ancuabe project, and is valued at 17 million Australian dollars.

With FIRB approval, the pre-completion stage of the transaction should be completed by 31 December. During this period, Shandong Yulong will appoint three new directors to the boards of Kwe Kwe Graphite and Grafex, Triton’s Mozambican subsidiaries responsible for the graphite projects. In addition, Triton will receive an initial payment of 5.9 million dollars as part of the agreement.

This injected capital will be fundamental to strengthening Triton Minerals’ financial position, allowing the company to move forward with strategic initiatives and achieve operational goals that include the development of ongoing projects.

The Ancuabe project, one of Triton’s most important assets in Mozambique, is located in a region rich in high-quality graphite, essential for the production of batteries and other technological applications. The entry of Shandong Yulong is seen as an opportunity to accelerate the exploitation of these resources and strengthen China’s presence in the global graphite supply chain.

This operation reflects the growing interest of foreign investors in Mozambique’s natural resources, particularly in raw materials that are essential for the energy transition. On the other hand, the partnership between Triton Minerals and Shandong Yulong should boost local economic development, with expectations of job creation and infrastructure improvements in the project areas.

The approval of the FIRB marks a decisive step towards realising the deal, strengthening the economic ties between Australia, Mozambique and China in the mining and energy sector.

Shandong Yulong Gold Co Ltd, formerly known as Jiangsu Yulong Steel Pipe Co Ltd, is a China-based company mainly involved in bulk commodities trading. The product categories of its bulk commodity trading business include metallic mineral products, agricultural and forestry products, chemicals, coal and other bulk commodity categories.

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