....Shandong Yulong Gold Co., Ltd. (the “Company”) and Triton Minerals Limited (“Triton Mining”) signed a Binding Memorandum of Understanding. The company intends to acquire 70% of the equity of Grafex Limited and KweKwe Graphite Limited (collectively referred to as the project company) held by Cuiteng Mining through a designated subsidiary to obtain the mining concessions of the Anquabe graphite project, the mining concessions of the Cobra Plain graphite project, and the intellectual property rights and drilling core assets related to the Nicanda Hill and Nicanda West graphite projects. The total transfer price shall not exceed A$17,000,000.
Cuiteng Mining is an Australian listed company headquartered in Perth, Western Australia. Zhang Peng serves as a director of Cuiteng Mining. It was established on July 17, 2007. Through its wholly-owned subsidiary in the United Arab Emirates, it controls two graphite mining companies, Grafex Limited and KweKwe Graphite Limited, located in Mozambique, Africa. The company holds an 11.44% stake in Cuiteng Mining. As of December 31, 2023, Cuiteng Mining had total assets of A$30,000,533 and net assets of A$28,520,818. In 2023, it achieved operating income of A$0 and a net profit of A$-2,881,245.
Grafex Limited -Cuiteng Mining holds 100% of the company's shares and is headquartered in Pemba, the capital of Cabo Delgado Province in northern Mozambique. It was established on April 18, 2012 and is mainly engaged in exploration, research and mining of minerals or gemstones, including providing all related activities and mineral export services. KweKwe Graphite Limited - Cuiteng Mining holds an 80% stake in the company
