TIDMTGR
RNS Number : 9550U
Tirupati Graphite PLC
09 April 2021
9 April 2021
Tirupati Graphite plc ('Tirupati' or the 'Company')
Record Sales Achieved Q1 2021 at Primary Graphite Operations in
Madagascar
Tirupati Graphite plc, the fully integrated, revenue generative,
specialist graphite producer and graphene developer with operations
in Madagascar and India, is pleased to announce that it achieved
record production and sales in Q1 2021 from its Sahamamy 3,000tpa
primary graphite mining and processing operations in Madagascar.
Additionally, it continues to advance the development of the first
9,000tpa module of its second project, Vatomina, to support the
strong demand for its products and expansion of further
capacities.
Overview
-- Rapidly expanding primary graphite output from Vatomina and
Sahamamy to support strong market demand driven by the Company's
green credentials and increasing requirements from EVs expandable
graphite and other consuming markets.
-- Record sales of high-quality flake graphite achieved from
Sahamamy in Q1 2021, breaching 97% of nameplate capacity.
-- On track to commission updated 9,000tpa Vatomina first module
in Q2 2021, lifting primary flake graphite capacity in Madagascar
to 12,000tpa output with construction nearing completion, mining
equipment fleet arriving and various workstreams progressing.
-- Continuing exploration activities to upgrade and expand the
existing mineral resource inventory across both projects.
Shishir Poddar, CEO of Tirupati Graphite, said, "We are very
pleased with the continued efforts of our team resulting in our
achieving near nameplate capacity at Sahamamy and remaining on
track to commission Vatomina's first module this quarter, while we
still face logistical and other challenges caused by the pandemic.
The increase in capacity in Madagascar to 12,000tpa is an important
near-term milestone, being the current key revenue source for the
Company, and positive step in our existing plan to increase
capacity to 84,000tpa by 2024.
"We are growing at a particularly opportunistic time. In
particular, the key role of flake graphite graphene in the green
economy is being recognised across the globe with the likes of UBS,
The World Bank and many others releasing reports suggesting
increasing demand for this critical material could cause the market
to grow in double digit CAGR. We are therefore excited for the
future and look forward to updating the market on further
developments in due course."
Details
Tirupati continues to advance its operations across its
portfolio including its two primary mining and processing projects
in Madagascar, Vatomina and Sahamamy, and its speciality graphite
and graphene processing businesses in India.
Demand for Tirupati's graphite products across these divisions
has been strong, with the Company experiencing increased engagement
with end users across various areas of application including energy
storage and e-mobility, flame retardant and other expandable
graphite applications, thermal management, and conventional
applications. Accordingly, the Company continues to advance its
medium-term development plan ('MTDP') to support this demand.
At its Sahamamy project in Madagascar the Company achieved
record sales of 97% nameplate capacity of high-quality flake
graphite concentrate with up to 96% purity during Q1 2021, which
was shipped to customers globally.
Work is ongoing to increase production capacity to 84,000 tonnes
per annum ('tpa') by 2024 in several phases, 28-fold from current.
In line with this, the first module of the second project,
Vatomina, remains on track to be commissioned in Q2 2021, with
first shipments of finished products expected to commence during
the quarter; this will take total capacity in Madagascar to
12,000tpa. Fleet mining equipment and processing plant equipment
continue to arrive in Madagascar, while the construction of the
12km, six-meter-wide road connecting Sahamamy and Vatomina is also
rapidly advancing and is expected to be completed within weeks.
Additionally, the Company is continuing the next phase of
exploration activities to upgrade and expand the existing mineral
resource inventory across both projects.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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-generative, multi-asset,
multi-jurisdictional, fully integrated producer and developer of
high-grade natural flake graphite, speciality graphite and
graphene, which captures the entire value chain. With a unique set
of properties, graphite has diverse applications with multiple
growth streams and graphene forms the new generation of 2D
materials. In support of this, the Company places a special
emphasis on "green" applications, including renewable energy
generation, energy storage and composites, 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, 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 processes and produces
speciality graphite for use in hi-tech applications like
lithium-ion batteries, fire retardants and composites. Its
specialty graphite processing 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. At the next stage of development,
Patalganga shall further be expanded to 4,800 tpa capacity with
capabilities to also produce high purity and micronised graphite,
so increasing market and product reach by 2021. TSG has developed
unique green processing technologies for manufacturing these
advanced materials.
After establishing itself in the specialty graphite markets
through the Patalganga Project, an additional 24,000 tpa specialty
graphite processing facility is to be established in two 12,000 tpa
phases. The plant will produce expandable, high purity, micronised
and spherical graphite. The west coast of India has been chosen as
the location and a detailed feasibility study has been completed.
TSG is also in the process of establishing the Tirupati Graphene
and Mintech Research Centre, a state-of-the-art R&D centre
focussed on manufacturing graphene, developing its applications,
and further providing environmentally friendly technologies
consultancy for mineral processing.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEASLNELKFEEA
(END) Dow Jones Newswires
April 09, 2021 02:00 ET (06:00 GMT)
Tirupati Graphite (LSE:TGR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tirupati Graphite (LSE:TGR)
Historical Stock Chart
From Apr 2023 to Apr 2024