On December 9, 2024, Australian company Triton Minerals announced the signing of a sale and purchase agreement to transfer control of its Ancuabe graphite project in Mozambique to Chinese firm Shandong Yulong Gold. This move highlights China’s strategic efforts to maintain dominance in the global graphite market.
The transaction, expected to conclude by the end of February 2025, will grant Shandong Yulong a 70% stake in the Ancuabe project, leaving Triton with 30%.
According to the Mozambican Association Centro de Integridade Pública, the project has the potential to produce approximately 70,000 tonnes of graphite concentrate annually over a 27-year lifespan.
Shandong Yulong will join DH Mining Development, another Chinese company operating in Mozambique, which plans to commence production at its Nipepe graphite project by late 2024. The Nipepe project is projected to produce 200,000 tonnes of graphite annually over 25 years.
China’s increased interest in African graphite comes as its global dominance faces challenges, particularly from African nations.
Benchmark Mineral Intelligence reports that Mozambique, Tanzania, and Madagascar are set to account for 47% of new global graphite supply by 2025, a significant leap from their combined 10% share in 2023.
This surge in African graphite production signals growing competition in the market, attracting interest from other global players besides China.
