Tirupati Graphite update on transaction variation of long stop date

Tirupati Graphite

Tirupati Graphite plc (LON:TGR, TGRHF.OTCQX) has provided an update to its agreement to acquire the entire issued share capital of Suni Resources SA from Battery Minerals Limited, as announced on the 17th August 2021.

The completion of the acquisition is pending regulatory approval and all supporting documentation has been submitted to Mozambique’s Minister of Natural Resources and Energy.

To facilitate the receipt of all necessary Mozambique government approvals for the transaction, all parties have agreed for the Long Stop Date for the transaction to be extended to Wednesday 31 August 2022, with further extensions possible if required.

The acquisition will provide Tirupati ownership of the advanced Montepuez and Balama Central graphite projects in Mozambique, alongside associated technical intellectual property related to the assets.

Further information is available in Battery Minerals Limited’s stock market announcement made earlier today for the Australian market. 

Tirupati Graphite Plc is a specialist graphite and graphene company. The Company places a special emphasis on “green” applications, including renewable energy and energy efficiency, energy storage and thermal management 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 end 2024 as per the Company’s modular medium-term development plan. 

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.

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