Triton Minerals: MMC Appointed EPC Contractor for Ancuabe Graphite Project
(firmenpresse) - Triton Minerals: MMC Appointed EPC Contractor for Ancuabe Graphite Project
- MCC appointed to provide Engineering Procurement and Construction (EPC) services for Tritons flagship Ancuabe Graphite Project, following a competitive tender process
- Detailed technical and commercial evaluation indicates the pre-production capital expenditure estimated in the Definitive Feasibility Study (DFS)1 anticipated to be reduced by 20-25%
- Selection of the EPC contractor is a critical step in financing due diligence and enables Triton to accelerate debt funding negotiations
- Early works activities continue at Ancuabe, on-time and on-budget
- Graphite market fundamentals remain robust, supporting Tritons pathway to production
Triton Minerals Limited (Triton or the Company) is pleased to announce that it has signed a Letter of Intent (LOI) with MCC International Incorporation Limited (MCC), the overseas business platform for Metallurgical Corporation of China Ltd, for the award of the Engineering, Procurement and Construction (EPC) of the mineral processing facility and other infrastructure at Tritons flagship Ancuabe Graphite Project (Project). The LOI follows extensive technical clarification meetings in China in recent weeks.
The LOI allows Triton and MCC to accelerate execution of the formal EPC Contract (Contract) anticipated in Q3
2018. The EPC contract will be on a fixed price basis, providing certainty in relation to capital costs and construction schedule.
Signing the EPC Contract in Q3 2018 will allow detailed design and the placement of orders for long lead capital items to commence in Q4 2018.
The Ancuabe DFS published in December 2017 demonstrated that the Project was technically robust with strong project economics. The DFS was based on an evaluation period of 27 years with pre-production Capital Expenditure (Capex) of US$99 million, pre-tax unleveraged NPV of US$298 million, a pre-tax Internal Rate of Return (IRR) of 36.8% and a payback period of 3.8 years.
Following the tender evaluation process the pre-production Capex estimate is now anticipated to be between 20% and 25% lower than the Capex estimated in the DFS. This expected significant capex reduction will materially enhance project economics and assist in the project financing discussions currently underway.
MCC has previously introduced the Company to a major Chinese bank who provided indicative terms for an EPC linked loan facility2 concessional interest rates. The appointment of MCC allows Triton Management to now accelerate these financing discussions.
Triton Managing Director Peter Canterbury said:
Executing this LOI completes the EPC tender process and is a critical step forward for the development of the Ancuabe Graphite Project. Current estimates of capital costs developed through the tender process indicate potential for significant Capex reductions which would enhance the already strong project economics for Ancuabe.
We are pleased to enter this partnership with MCC, who throughout the evaluation process, demonstrated a detailed understanding of the Ancuabe Graphite Project, in depth knowledge of Mozambique and a commercial awareness of project financing requirements. MCC have been proactive throughout this process leveraging their significant banking relationships in China to progress Triton's financing discussions.
The Triton development team are looking forward to finalising the contractual discussion in the coming weeks and working closely with MCC to deliver the Ancuabe Project, safely, on time and on budget.
We continue to meet our development milestones and deliver on our strategy to become the next ASX producer of high purity large flake graphite in East Africa":
The execution of the Contract is conditional upon negotiation of final contractual arrangements.
About MCC
Founded in 1982, China Metallurgical Group Corporation (MCC) is a Chinese state-owned enterprise headquartered in Beijing, engaged in EPC, natural resources exploitation, papermaking,
equipment fabrication, real estate development. It is one of the largest equipment manufacturers in China, and the only state-owned enterprise that is authorized to run pulp-making and papermaking businesses in China and overseas. On December 8, 2015, MCC merged into China Minmetals, China's largest mining company, becoming its wholly owned subsidiary. Both are Fortune Global 500 companies.
The company is involved in the construction of metallurgical, infrastructural facilities, other industrial projects, housing construction, municipal utility construction, installation of electrical and mechanical works, and handles high-rise buildings, mechanical engineering, electronics, power supply, petroleum, chemistry, textiles, transportation, communication, and building materials construction projects. The company also provides geo- technical engineering construction, industrial and civil construction, rock and earthwork excavation, equipment installation, and steel structure fabrication and installation services; and industrial products, including spiral welded pipes of various bore sizes, non-standard equipment, cold-rolled deformed bars, and forged precision metallic equipment. It also engages in water supply projects, sport cities development, and resource development. The company manufactures spiral coasters, and single-stand reversible cold-roll lines.
Investor Enquiries
Peter Canterbury Managing Director info(at)tritonminerals.com
+61 8 6489 2555
Contact Details (Australian Office)
10 Outram Street
West Perth 6005
Forward-Looking Statements
This release may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Triton Minerals Limiteds current expectations, estimates and assumptions about the industry in which Triton Minerals Limited operates, and beliefs and assumptions regarding Triton Minerals Limiteds future performance. Words such as anticipates, expects, intends, plans, believes, seeks, estimates, potential and similar expressions are intended to identify forward-looking statements. Forward-
looking statements are only predictions and not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Triton Minerals Limited. Actual values, results or events may be materially different to those expressed or implied in this release. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this release speak only at the date of issue of this release. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Triton Minerals Limited does not undertake any obligation to update or revise any information or any of the forward-looking statements in this release or any changes in events, conditions or circumstances on which any such forward looking statement is based.
Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, Triton Minerals Limited does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statements is based.
1 See ASX announcement 15 December 2017.
2 The EPC linked loan facility is non-binding and subject to due diligence and approvals.
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Datum: 05.07.2018 - 12:18 Uhr
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