(Ecofin Agency) - Triton Minerals' Board has approved the development of its Ancuabe graphite project (Mozambique) which is expected to cost $99.4 million, according to the feasibility study.

The company indicates today June 1 that, subject to final approvals and financing, construction is expected to begin in the second half of 2018, with first production in the second half of 2019. Initial work has begun in Ancuabe, including earthworks for the development of the raw water dam required for construction and operation.

Access roads to the site are also being repaired, to allow access to construction equipment and fuel tanks.According to MD Peter Canterbury, Ancuabe's development will greatly benefit the government, all stakeholders and the local community.

He said that given the keen interest shown by strategic investors, industry players and financiers, Triton is “confident of securing investment capital for the project to enable construction to start on time”. Let’s recall that the Ancuabe mine is expected to produce 60,000 tons of graphite concentrate annually over a 27-year mine life. 

Louis-Nino Kansoun