Australian miner Triton Minerals has agreed to sell a majority stake in its graphite business in Mozambique to China’s Shandong Yulong Gold for $17m ($10.7m).
The sale, which is still pending approval by Australian, Chinese and Mozambican regulators, includes 70% stakes in the Ancuabe graphite project, in intellectual property and drill cores related to graphite mining projects at Nicanda Hill and Nicanda West, and in the Cobra Plains mining concession, all of which are located in northern Mozambique’s Cabo Delgado province. Triton will retain a 30% stake in the assets and is to enter into a joint venture with Shandong Yulong to develop the projects.
