Triton Minerals Ltd of Australia has said the pace of its discussions with Chinese potential backers about financing the development of the Ancuabe graphite mine in northern Mozambique is quickening.

In a written disclosure to the Australian Securities Exchange (ASX), Triton Minerals quotes Ji Xingmin, the chairman of its main shareholder, Chinese state-owned Jigao International Investment Development Co. Ltd, as saying his company and Triton Minerals are working together closely to obtain the money needed on what he described as “very favourable terms”.

Mr Ji said his company was taking action with a view to Triton Minerals starting work on developing the mine in the third quarter of this year and commissioning the plant there at the end of next year.

Jigao International Investment Development invested A$8.5 million (about US$5 million) in Triton Minerals in December, the Australian miner told the ASX.