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RNS Number : 8439R
Tirupati Graphite PLC
10 November 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018. Upon the publication of this announcement this information is
considered to be in the public domain.
10 November 2021
Tirupati Graphite plc ('Tirupati' or the 'Company')
Mining Licence Granted for New Acquisition Project
Tirupati Graphite plc, the fully integrated, revenue generating,
specialist graphite producer and graphene and advanced materials
developer, is pleased to note the announcement released by ASX
listed Battery Minerals Limited ('Battery Minerals') regarding the
granting of the Mining Licence for the Balama Central Graphite
Project for production of 50,000tpa of graphite concentrate.
Tirupati has agreed to acquire the entire issued share capital
of Suni Resources SA from Battery Minerals (subject to certain
conditions to closing being satisfied), which holds the
construction initiated Montepuez Graphite Project and the advanced
feasibility study stage Balama Central Graphite Project (see
announcements dated 17 August 2021 and 30 September 2021).
Shishir Poddar, CEO of Tirupati Graphite, said, "The granting of
the Mining Licence for the Balama Central Graphite Project is great
news, which further enhances the value proposition of the
acquisition for Tirupati. Both the Montepuez and Balama Central
projects now hold granted mining licenses which, on completion of
the acquisition, advances Tirupati on its journey to becoming a
material supplier to the high growth EV and battery markets and
playing a part in the global energy transition. We also take this
news as a positive indicator that Mozambique is starting to open
back up for business following the pandemic, along with the rest of
the world. We look forward to completing the acquisition over the
coming months."
The announcement by Battery Minerals is set out below without
material changes:
Balama Central Project Mining Licence Granted
Highlights
-- The Mozambican Government has granted the Mining Licence for
the Balama Central graphite project for production of 50,000tpa of
graphite concentrate.
Battery Minerals Limited (ASX Code: BAT, "Battery Minerals") is
pleased to advise that the Mozambican Government has awarded the
Mining Licence (called Concessão Mineira) for its Balama Central
graphite project for production of 50,000tpa of graphite
concentrate.
"This is another important milestone for the Balama graphite
project for production of graphite concentrate," Battery Minerals
Chairman David Flanagan said.
"We look forward to completing our sale agreement for our
Mozambican graphite assets with Tirupati Graphite announced in
August 2021 in the coming months."
Mozambique Graphite Assets: Sale Agreement with Tirupati
Graphite
On 17 August 2021, Battery Minerals announced that it has
entered into agreements, together with its subsidiary Rovuma
Resources Limited ("Rovuma"), to sell its Mozambique graphite
assets, including the Montepuez and Balama graphite projects,
through the sale of all the shares in its subsidiary Suni Resources
SA, to the London Stock Exchange listed company, Tirupati Graphite
plc ("Tirupati Graphite") for a total aggregate consideration of
$12.5 million in cash and shares. Completion of this Sale Agreement
is expected to occur in the coming months.
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) info@stbridespartners.co.uk
Isabel de Salis
----------------------------
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; 12,000 tpa of high-quality flake graphite
concentrate with up to 96% purity is the current capacity of these
projects and flake graphite being produced is sold to customers
globally. The projects are under staged development and total
capacity 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, focused on manufacturing the Company's trademarked
expandable graphite products CARBOFLAMEX(R) and GrafEN 45545(TM).
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 is also developing the Tirupati Graphene and Mintech
Research Centre ("TGMRC"), 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. Commercial operations commenced in July 2021 having
completed Stage 1 of the centre's development plan.
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