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Keely Lynch:
Triton Minerals has released an announcement relating to a material transaction concerning the divestiture of part interest in its Mozambique based Ancuabe Project. The company’s executive director, Adrian Castello joins me now to discuss. Welcome Adrian. Tell us about this announcement.
Adrian Costello:
Thank you very much. Yes, today we announced that we’re selling 70% of our three major projects in Mozambique and Ancuabe project, Cobra Plains Project, and the IP related to Nicanda Hill and Nicanda West.
Keely Lynch:
And Adrian, what is the upside here for both Triton and its shareholders?
Adrian Costello:
There’s two sides to the upside. There’s the fastest pathway to development. Our partner, Yulong, who are buying in, are very keen on their experience in Mozambique and in developing the graphite projects. The other side of the upside is the $17 million that we’re able to generate through the 70% sale. That provides an opportunity not just to develop the project, but also look at other projects.
Keely Lynch:
And how might this change the company’s strategy moving forward?
Adrian Costello:
It doesn’t entirely change it, we still retain exposure to the graphite market with retaining 30% of the project, but the $17 million allows us to explore other business opportunities and look at other minerals and other places in the world to invest.
Keely Lynch:
And lastly, Adrian, what are some of the next steps from here?
Adrian Costello:
The next step is subject to pretty standard completion requirements. There’s a foreign investment review board approval. There’s shareholder approvals from both Yulong and also Triton, and then there’s also the Mozambique and governmental approvals. But these are all pretty stock standard and we expect to be completed within six to eight months. This transaction provides $17 million to the company, and it provides us with the fastest development pathway for the Ancuabe and Cobra Plains projects, and also leaves the company with a good cash position to explore other business opportunities.
Keely Lynch:
Well, thank you so much for joining us today, Adrian. We look forward to speaking again soon.
Adrian Costello:
Thank you very much.
