- Triton Minerals (ASX:TON) releases its activities for the December 2023 quarter for its Acuabe and Cobra Plains projects in Mozambique
- During the quarter, Triton’s FEED contractor visited the company’s head office to progress the project and a new mining concession was granted for Cobra plains
- Triton conducted a comprehensive review of corporate overheads and in-country holding costs during the quarter
- Triton comments on the Chinese government’s proposal to restrict the export of graphite materials and anticipates an improvement in graphite market fundamentals
- TON shares last traded at 1.9 cents
In the December 2023 quarter, Triton Minerals (ASX:TON) focused on various initiatives across its Acuabe and Cobra Plains projects in Mozambique.
During the three-month period, Triton concentrated its efforts on improving the design and reducing the capital for its processing plant and associated infrastructure at Ancuabe.
Ongoing collaboration with the FEED contractor was a key aspect, including a visit to the company’s head office to advance the project.
At Cobra Plains, Triton received a new mining concession from Mozambique’s Minister of Energy and Natural Resource. Additionally, the company initiated environmental approval works, including the DUAT and Resettlement Action Plan in Northern Mozambique.
Corporate review, restructuring and finance
Triton conducted a comprehensive evaluation of corporate overheads and in-country holding costs.
This led to the implementation of various short and long-term cash preservation initiatives aimed at significantly reducing quarterly expenditures. Importantly, these measures are not expected to impact the progress of the Ancuabe project or Cobra Plains works.
As of December 31, 2023, Triton reported cash on hand amounting to $2.65 million.
The graphite market
Acknowledging the Chinese government’s proposal to restrict the export of graphite materials and products, Triton anticipates potential improvements in graphite market fundamentals.
The graphite market is witnessing significant growth, driven by increased demand for graphite in lithium-ion battery anodes. Benchmark mineral intelligence predicts a 300 per cent increase in battery-related demand by 2028.
TON shares last traded at 1.9 cents.