NQM Gold, a subsidiary of Chinese mining company Shandong Yulong Gold, has completed the acquisition of a 70% stake in Australian firm Triton Minerals’ Mozambican graphite assets for €9.6 million, reinforcing China’s growing presence in Mozambique’s graphite sector at a time of rising global demand for the mineral, which is a critical input in the manufacture of electric vehicle batteries and energy storage systems.
The transfer covers 70% of the Mozambican companies Kwe Kwe Graphite Lda and Grafex Limitada, which hold Triton Minerals’ graphite assets in northern Mozambique, including the Ancuabe project in Cabo Delgado. The transaction was communicated to the Australian Securities Exchange and reported by Lusa, confirming NQM Gold’s entry as majority shareholder, while Triton Minerals retains the remaining 30%.
In December 2024, Shandong Yulong Gold had agreed to acquire at least 70% of Triton Minerals’ Mozambican graphite assets. The deal was subsequently suspended due to a contractual dispute between the parties.
The transaction was ultimately concluded following an agreement signed on 18 August between Triton Minerals, NQM Gold 2 Pty Ltd, and associated entities. The parties agreed to proceed with the operation and to settle the remaining payment owed to the Australian company.
According to Triton Minerals, the transfer of the 70% interest in the two Mozambican companies to NQM Gold has been completed. The agreement also provides for the closure of legal proceedings between the parties and a tax compensation mechanism relating to the companies sold.
In a separate announcement to the ASX, Triton Minerals confirmed it had received €3.1 million, representing the outstanding final payment. The settlement of this amount resulted in the closure of the legal action between the parties and completed the transfer of the majority stake in the two companies.
The transaction comes as Mozambique’s national graphite output shows signs of recovery. Government data released in June indicate that Mozambique produced 28,018 tonnes in the first quarter of 2025, nearly double the 14,814 tonnes initially projected for the full year. The government attributed the performance to the “operational consistency of the largest producer of this mineral and the entry into the market of a new company in Niassa.”
Production had declined sharply after a record 165,900 tonnes was achieved in 2022, falling to 97,300 tonnes in 2023 and 34,900 tonnes in 2024. Output recovered to 67,078 tonnes in 2025, although no production was recorded in the first quarter due to the temporary suspension of the Balama mine in Cabo Delgado during the post-election protests.
In January, President Daniel Chapo inaugurated a graphite processing facility in Niassa built with Chinese capital and valued at US$200 million. The plant has a capacity to produce and process up to 200,000 tonnes of graphite per year and could employ more than 2,000 workers when it reaches full capacity.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/24/oilgas/extractivas/subsidiaria-chinesa-nqm-gold-conclui-aquisicao-de-70-dos-activos-de-grafite/
