The Australian mining company Triton Minerals on Tuesday announced that it has secured twenty million Australian dollars (just under 16 million US dollars) to develop the Balama North graphite project, in the northern Mozambican province of Cabo Delgado.
The company has entered a binding agreement with Hong Kong based Long State Investments Limited (LSI) for a funding facility of up to 20 million Australian dollars over the next two years.
As a result Triton has secured the funding needed to continue with the rapid development of what is said to be the world’s largest known deposit of graphite and vanadium.
Triton commented that this will allow the company to focus on finding buyers for the minerals, completing environmental studies, and finishing a definitive feasibility study by the end of the year.
According to Triton’s Managing Director, Brad Boyle, obtaining the facility “is a great outcome for the company, as, despite current market condition, it provides Triton the security and ability to continue with the rapid development of the Nicanda Hill deposit”.
In addition, Nicanda Hill contains an estimated 3.9 million tonnes of vanadium oxide. It also contains deposits of zinc and other base metals.
Vanadium is mainly used as an additive to strengthen steel.
However, it is now being used in a new generation of rechargeable batteries.
Graphite is a form of carbon that is highly valued due to its properties as a conductor of electricity. It is used in batteries and fuel cells and is the basis for the “miracle material” graphene, which is the strongest material ever measured, with vast potential for use in the electronics industries.
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