Advanced modelling has slashed a further $7 million from Triton Minerals’ graphite pilot plant in Mozambique’s Ancuabe desert.
The initial funding requirements were reduced by 13 to 22 per cent after Perth-based CPC Project Design, contracted for the plant’s modelling, identified alternative funding options.
The plant’s design can produce 15 to 17 thousand tonnes of high-quality graphite concentrate a year after a conceptual study boosted the already large-scale plant’s capacity.
Alternative funding options include the use of contractors, service providers and equipment leasing for functions such as crushing, village infrastructure, mobile equipment and light vehicles and power supply.
The company said the developments were crucial for securing funding to produce the project.
“I am pleased to be able to report both rapid and positive results that the Triton Board and Management have been able to deliver in consultation with CPC Project Design,” executive director Andrew Frazer said.
“This result is expected to positively impact discussions with western debt providers for the debt portion of the financing, which we will continue in the first quarter of this year and keep shareholders updated with progress.”
TON’s Australian Stock Exchange-listed price has risen by 3pc, currently trading at 3.5c (7:50 am UTC+8 hours)