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RNS Number : 3751D
Tirupati Graphite PLC
29 June 2021
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain.
29 June 2021
Tirupati Graphite plc ('Tirupati' or the 'Company')
Primary Mining & Processing Operations Update
Tirupati Graphite plc, the fully integrated, revenue generating,
specialist graphite producer and graphene and advanced materials
developer, is pleased to provide an update on activities at its
primary graphite mining and processing operations at the Sahamamy
and Vatomina projects in Madagascar.
Overview
-- Continued developments focused on increasing capacity to
84,000 tpa by 2024 at its two projects.
o Sahamamy: commenced area grading and work for the second
18,000 tpa module to take capacity to 21,000 tpa in Q1 2022.
o Vatomina: on track to commission upscaled 9,000 tpa operations
over the next three weeks.
-- Progressed construction activities for the 100Kw hydro power
plant and advancing plans for an additional c.900Kw hydropower
capacity.
-- Continuing second stage exploration programmes at both
projects, targeting an upgrade and update of the existing mineral
resources and delineation of new mineralised zones.
Shishir Poddar, CEO of Tirupati Graphite, said, " We are
extremely pleased with our progress as we look to build capacity at
our primary operations to 12,000 tpa in the immediate term and
enhance it to 30,000 tpa Q1 of 2022. Having historically
established a >50% operating margin with a c.US$835/- basket
price realisation from the current 3,000 tpa capacity operation in
Sahamamy, we believe that the enhanced capacity will go a long way
towards reaching our goal of being profitable at the corporate
level. On a wider level, this is part of our strategy to become a
key supplier of this critical material and develop advanced
materials that contribute to the mitigation of climate change."
Details
Tirupati continues to advance its operations across its
portfolio including primary mining and processing projects in
Madagascar and speciality graphite and graphene processing
businesses in India. In Madagascar, the Company is focused on
increasing capacity at its two projects, Sahamamy and Vatomina, to
84,000 tpa by 2024 to take advantage of strong demand for its
products. Notably, despite some procurement and shipment delays,
the Company has made advances to this strategy without any material
impact by the second wave of Covid in both India and
Madagascar.
At Sahamamy, the first fleet of new earthmoving equipment has
arrived, facilitating commencement of area grading and work for the
second 18,000 tpa module (see RNS 16 April 2021). Various
infrastructure development activities, such as enhancing base camp
capacity, strengthening internal roads and water supply and similar
pre-development activities, are also ongoing. Additionally, at
Vatomina, the installation of plant equipment for the upscaled
9,000 tpa operations (see RNS 4 January and 8 February 2021) is in
its final stages with commissioning and production initiation
expected to commence over the next three weeks.
Construction activities are also progressing for the 100Kw hydro
power plant at Sahamamy (see RNS dated 8 March 2021), which remains
on track for completion in Q4 2021, with equipment including a new
turbine and generator, penstock, and electrical controls, ordered.
The Company hopes to meet 100% of its power requirements for
30,000tpa capacity using hydro power and to this end, it is also
advancing studies for an additional c.900Kw hydropower
capacity.
Finally, the current second stage exploration programmes at both
Sahamamy and Vatomina continue (see RNS dated 18 February 2021)
with circa 900 metre diamond core drilling, circa 4,500 metre augur
drilling and 31 test pits with 135 metres cumulative depth
completed across both projects. Current augur drilling has
delineated new mineralised zones and diamond core drilling
continues with a target to upgrade the existing mineral resources.
A new diamond core drilling machine has been ordered for Sahamamy
to facilitate commencement of its drilling activities simultaneous
with drilling at Vatomina.
** ENDS **
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar +44 (0) 20 3984 9894
Optiva Securities Limited (Broker)
Daniel Ingram +44 (0) 20 3137 1902
---------------------
St Brides Partners Ltd (Financial PR)
Isabel de Salis / Cosima Akerman +44 (0) 20 236 1177
---------------------
Notes
Tirupati Graphite Plc is a revenue-generating, multi-asset,
multi-jurisdictional, fully integrated producer and developer of
high-grade natural flake graphite, speciality graphite and graphene
and graphene enhanced advanced materials. With a unique set of
properties, graphite has diverse applications with multiple growth
streams and graphene forms the new generation of 2D and advanced
materials. The Company places a special emphasis on "green"
applications, including renewable energy and energy efficiency,
energy storage, thermal management, and advanced materials
development, and is committed to ensuring its operations are
sustainable as well.
The Company's operations include primary mining and processing
in Madagascar, where the Company operates two key projects,
Sahamamy and Vatomina; 3,000 tpa of high-quality flake graphite
concentrate with up to 96% purity is currently being produced and
sold to customers globally. An additional 9,000 tpa capacity is
expected to be commissioned in Q3 2021, and this is planned to
increase to 84,000 tpa by 2024 as per the Company's modular
medium-term development plan.
In India, through Tirupati Speciality Graphite Private Limited
('TSG'), with whom the Company has a binding acquisition agreement
subject to regulatory approvals, Tirupati is developing a suite of
speciality graphite for use in hi-tech applications like
lithium-ion batteries, fire retardants, thermal management, and
composites. Its current operations include the 1,200 tpa Patalganga
Project, which was commissioned in July 2019 to manufacture and
sell CARBOFLAMEX(R), a trademarked fire-retardant expandable
graphite product. TSG is further developing 30,000 tpa specialty
graphite project in two equal size modules and has developed unique
green processing technologies for manufacturing these advanced
materials.
TSG has also established and continues to develop the Tirupati
Graphene and Mintech Research Centre, a state-of-the-art R&D
centre focussed on manufacturing graphene, developing its
applications and advanced materials using graphene, and further
providing environmentally friendly technologies consultancy for
mineral processing.
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