Australia's FIRB clears Shandong Yulong's buyout of 70% stake in Triton's Moz graphite projects
Australia's Foreign Investment Review Board (FIRB) has given the go-ahead for Shandong Yulong Gold to buy a 70% interest in ASX-listed Triton Minerals's in its portfolio of graphite projects in Mozambique, including the flagship Ancuabe project, for A$17-million.
The FIRB clearance provides for pre-completion to occur, on or before December 31, in which Yulong will be granted three additional directors to the boards of Kwe Kwe Graphite and Grafex – the Mozambique ownership companies of Triton's graphite assets – and a payment of $5.95-million to be made to Triton.
The receipt of this pre-completion payment will provide a capital injection that significantly strengthens Triton's financial position and will enable it to progress its strategic initiatives and operational goals into the future.
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