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RNS Number : 5015A
Tirupati Graphite PLC
02 February 2022
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Wednesday 2 February 2022
Tirupati Graphite plc
('Tirupati' or the 'Company')
Update following Tropical Storm Ana
Tirupati Graphite plc announces an update regarding its
operations in Madagascar following the passage of Tropical Storm
Ana. The Company would like to express its deepest condolences to
all those who have been affected in Madagascar, Mozambique, and
Malawi; in particular, those who lost their lives.
In the areas located nearby the Company's projects, one of the
most severe consequences of the storm has been the impact on access
to fresh water. In recognition, and to mitigate this risk from
future storms in the region, Tirupati has committed to drilling and
establishing a number of bore wells for the communities around its
projects, which will help to ensure that the surrounding
communities are able to access safe and clean drinking water.
The storm, which damaged infrastructure largely across the north
and central eastern parts of Madagascar, also disrupted road
connectivity to Tirupati's Vatomina and Sahamamy projects. However,
neither project suffered any material damage. The Company quickly
suspended operations, which have now resumed. The timely suspension
of operations helped to protect the lives, property and livelihoods
of its employees and their families and other stakeholders in the
region impacted by the storm.
Due to the disruption and the forecast of a further storm in the
coming week, the Company's expected flake graphite production for
the second half of the financial year to 31 March 2022 has been
revised from c.4,000 tons to between 3,200-3,500 tons (FY2021:
1,718 tons). The Company continues to anticipate strong production
growth thereafter with its forecast production for the financial
year to 31 March 2023 remaining unchanged at c.20,000 tons.
This growth will be driven by the completion and commissioning
of the new 18,000 tpa plant at Sahamamy which will take total
primary flake graphite production capacity at its upstream projects
in Madagascar to 30,000 tpa from Q2 FY 2023, before reaching 84,000
tpa by the end of FY 2024.
Shishir Poddar, Executive Chairman of Tirupati Graphite,
said:
"All of us at Tirupati Graphite were deeply affected by the news
from Madagascar, and would like to offer our sincere condolences to
those who have lost loved ones during Tropical Storm Ana. We are
very grateful that no harm has come to Tirupati's employees or
indeed to its operations, the original designs and engineering of
which took into account possible occurences of such adverse
weather.
"We are focused on ensuring that communities around our
operations are able to recover from the impacts of this storm and
have committed to developing facilities for clean and safe drinking
water in the near-term to eliminate the dependence on surface water
in some of the local areas by the communities.
"We would also like to commend our in-country leadership team
for their swift actions in planning for and managing the challenges
of this adverse tropical storm enabling us to avoid material damage
to our facilities and to re-start operations immediately following
the receding of the storm which limited the impact on
production."
Enquiries:
Tirupati Graphite Plc admin@tirupatigraphite.co.uk
Puruvi Poddar - Chief of Corporate & Business +44 (0) 20 39849894
Development
Optiva Securities Limited (Broker)
Ben Maitland - Corporate Finance +44 (0) 20 3034 2707
Robert Emmet - Corporate Broking +44 (0) 20 3981 4173
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton / Nick Hennis / Ojasvi G oel tirupati@fticonsulting.com
/ Kelly Smith
https://www.tirupatigraphite.co.uk/
About Tirupati Graphite
Tirupati Graphite Plc is the specialist graphite and graphene
company developing sustainable new age 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 installed capacity of
high-quality flake graphite concentrate with up to 96% purity is
currently being produced and sold to customers globally, planned to
increase to 84,000 tpa by the end 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 expanding the Patalganga Project to 4,800 tpa and
developing the 30,000 tpa specialty graphite project in two 15,000
tpa modules which will include capabilities to manufacture
high-purity, expandable, micronized and spherical graphite and
using its unique green processing technologies for the
manufacturing of 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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