Total Graphite has launched a portfolio optimisation programme to assess how best to structure, fund and develop its graphite assets in Madagascar and Mozambique.
The review is intended to identify ways to accelerate development, improve capital allocation and support long-term value creation. Options being considered may include strategic partnerships, joint ventures, funding arrangements, partial asset sales or the sale of selected assets.
The company has already received an expression of interest for certain assets. Discussions remain at an early stage and there is no certainty that any transaction will take place. Even so, the interest provides a useful reference point as the company begins a wider review of its options.
The programme follows progress at the company’s Madagascar operations. Since early 2025, Total Graphite has worked to improve operations, invest in infrastructure and optimise production at the Vatomina project. The site’s nameplate production capacity has increased from 12,000 tonnes per year to 18,000 tonnes per year. This stronger operating base may improve the company’s position in discussions with potential partners or buyers.
Total Graphite’s larger growth projects in Mozambique remain part of the same strategic picture. The company is advancing Montepuez and Balama Central, while also working on updates to the Montepuez definitive feasibility study and a prefeasibility study for a downstream anode materials facility.
Total Graphite plc (LON:TGR), previously Tirupati Graphite, is a specialist natural flake graphite mining and processing company, with operations in Madagascar and development projects in Mozambique securing diverse supply chains of this critical mineral for customers to meet growing energy transition demand.
