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Triton Minerals’ (ASX:TON) Ancuabe Graphite Project gathers significant interest

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ASX:TON      MCAP $21.85M
04 February 2020 05:30 (AEST)

Triton Minerals (TON) has received positive feedback from test work conducted on samples of high purity, large flake graphite concentrate from Ancuabe.

The Upulo (Ancuabe) Graphite Project is Triton’s flagship project which is located in the Cabo Delgado region of Northern Mozambique.

The test work, completed by Xincheng Graphite Co (XGC), was facilitated by Triton’s strategic partner and largest shareholder, Jigao International Investment Development Co (Jigao).

XGC is one of China’s largest graphite producers and specialises in expandable graphite products such as graphite foils and flame retardant products.

The Chinese graphite producer gave “extremely positive feedback” and confirmed favourable outcomes.

“We believe that the high quality Ancuabe graphite ideally positions Triton to take full advantage of changing market conditions and emerge as a potentially major graphite producer and supplier,” Triton Managing Director Peter Canterbury said.

Historically, China has produced at least 70 per cent of the world’s graphite.

According to Triton, China’s dominance in the graphite industry is declining simultaneously while the demand is experiencing a shift. This is due to utilising expandable graphite as a flame retardant as well as climate change driving the demand for graphite in electric vehicles.

“These structural changes create a ‘once in a generation’ opportunity for East Africa to replace China as the world’s premier location for premium grade graphite,” Peter said.

Positive discussions with Jagao on how it can assist XGC and Triton began on a recent trip to China by Mr Canterbury.

Additionally, Triton has been approached by industrial users of graphite to test samples from Ancuabe.

According to Triton’s German Marketing Consultant, there is an increased demand for larger graphite flake with high purity levels.

The company will conduct another round of test work with new potential customers to diversify its customer base.

Triton is down 2.70 per cent and shares are trading at 3.6 cents each at 3:01 pm AEDT.

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