During the fourth quarter of 2023, Triton Minerals concentrated its efforts on various initiatives at the graphite projects designated as “Acuabe” and “Cobra Plains”, located in Cabo Delgado, Mozambique. The focus was on improving these projects and reducing the capital required for their processing plant and associated infrastructure, according to the news portal The Market Herald.
Ongoing collaboration with contractors played a key role in this process, including a visit to the company’s headquarters to boost the project. At the Cobra Plains project, Triton Minerals obtained a new mining concession from Mozambique’s Ministry of Mineral Resources and Energy began work on environmental approvals, including the Land Use Right (DUAT) and the Resettlement Action Plan in northern Mozambique.
The company carried out a comprehensive assessment of overheads and maintenance costs in the country, implementing short- and long-term cash preservation initiatives to reduce quarterly expenses without impacting the progress of the Ancuabe project. As of December 31, 2023, Triton Minerals reported a cash balance of 2.65 million dollars.
The company is also keeping a close eye on the Chinese government’s proposal to restrict the export of graphite materials and products. Anticipating potential changes in market fundamentals, Triton Minerals is optimistic that demand for the mineral will grow significantly, driven by increased demand in lithium-ion battery anodes. Benchmark Mineral Intelligence forecasts a 300% increase in battery-related demand by 2028.
