(Ecofin Agency) - Triton Minerals signed an agreement with Gregory James Sheffield to purchase its 20% share in Grafex Limitada, a subsidiary of Triton that holds several graphite projects in Mozambique.

Once the transaction is completed (by next March 21) Triton’s interest in Grafex will increase from 80% to 100%, giving it full ownership of projects that include Ancuabe mine. In exchange, the company will pay Sheffield $1.5 million.

 “Acquiring full ownership of the Project comes as at an exciting point in the development of the Ancuabe Project and will greatly assist in our efforts to secure approvals in Mozambique as well as off-take and financing negotiations to support an investment decision in the second quarter of 2018,” said Peter Canterbury, Triton’s managing director.

Furthermore, the contract that simplifies ownership structures of the projects will foster any discussion related to potential joint ventures for Nicanda Hill project, one of the largest graphite projects and a significant vanadium deposit, in the world.

Louis-Nino Kansoun