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    26 November, 2014
Triton Minerals plans rapid development of graphite project

London, 26 Nov (AIM) – The Australian mining company Triton Minerals on 26 November announced that a scoping study on its Nicanda Hill resource at the Balama North graphite project, in the northern Mozambican province of Cabo Delgado, justifies launching a feasibility study.

According to the company, this will form the basis for the rapid development of the resource and establish Triton as a low cost, high quality graphite producer. Triton plans to commence production in 2017.

The study puts the average mine gate cost of producing graphite at Nicanda Hill at US$250 per tonne with an FOB (Free on Board) cost at the port of Pemba of US$315 per tonne.

Thus, the company expects to make huge profits from the mine, with the scoping study assuming a conservative average graphite price of US$985 per tonne.

Triton plans to run the mine for thirty years. However, it calculates that it will pay back its initial capital investment of US$110 million within just ten months of commissioning the mine.

The company added that this calculation does not take into account the fact that Nicanda Hill contains 3.9 million tonnes of vanadium oxide, which makes it the largest known reserve of vanadium in the world. It also contains deposits of zinc and other base metals.

It stated that “further and more comprehensive test work is still required to understand whether the vanadium and zinc can be further upgraded into saleable concentrate levels”.

Graphite is a form of carbon that is highly valued due to its properties as a conductor of electricity. It is used in batteries and fuel cells and is the basis for the “miracle material” graphene, which is the strongest material ever measured, with vast potential for use in the electronics industries.
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