In the fourth quarter of 2023, Triton Minerals focused on various initiatives at its graphite projects called “Acuabe” and “Cobra Plains”, in Cabo Delgado, Mozambique, during which time it worked to improve them and reduce the capital for its processing plant and associated infrastructure, the news portal The Market Herald reported this Monday, 29 January.
The site emphasises that ongoing collaboration with the contractor was a key aspect, including a visit to the company’s headquarters to move the project forward.
For the Cobra Plains project, Triton Minerals has received a new mining concession from Mozambique’s Ministry of Energy and Natural Resources, and has also started work on environmental approvals, including the Land Use Right (DUAT) and the Resettlement Action Plan in northern Mozambique.
Corporate review, restructuring and finance
The Market Herald reveals that Triton Minerals has carried out a comprehensive assessment of the company’s overheads and holding costs in the country, which has led to the implementation of various short- and long-term cash preservation initiatives, with the aim of significantly reducing quarterly expenses. It is important to emphasise that these measures are not expected to have an impact on the progress of the Ancuabe project.
On 31 December 2023, Triton Minerals reported a cash position of 2.65 million dollars.
The graphite market
Recognising the Chinese government’s proposal to restrict the export of graphite materials and products, Triton Minerals anticipates potential improvements in the fundamentals of the graphite market, which is experiencing significant growth, driven by increased demand for the mineral in lithium-ion battery anodes. Benchmark Mineral Intelligence forecasts a 300 per cent increase in battery-related demand by 2028.
