Growth markets for high-purity graphite in the bourgeoning electric vehicles (EV), energy storage markets will be boosted by the recent funds plugged into flake-graphite processing projects in Madagascar.
Tirupati Graphite, the flake-graphite company with primary mining and processing projects in Madagascar has announced a private placement of up to £3,000,000 in Convertible Loan Notes to fund its development and growth strategies.
Tirupati is looking to build and expand on its existing production capabilities and become a leading producer of primary high-quality-flake graphite (up to 96% Cg) in Madagascar.
The firm also aims to position itself as a producer of high-purity flake graphite (>99% Cg) from its downstream value-added processing facilities in India.
With these two primary markets, the firm looks to target growth markets for high-purity graphite in the bourgeoning electric vehicles (EV), energy storage, flame retardants, composites as well as graphene industries.
Shishir Poddar, Tirupati Executive Chairman and MD, says: “We are delighted with the all-round progress we are making in advancing towards our goal of becoming a world-class, fully-integrated, high-quality-flake graphite and graphene producer.
"The offering is structured with defined returns while providing the opportunity of significant potential upside for investors as the company delivers on its growth strategies."
Poddar added: "The funds raised enable us to develop both our Vatomina and Sahamamy projects in Madagascar to the initial 9,000 tonnes per annum (tpa) of installed capacity, in addition to advancing our downstream processing and graphene projects in India.
“Our modular development strategy is working well and is already seeing us generate revenues with Sahamamy ramping up to full production of 3,000tpa of high-quality flake bound for the international markets.
"As we expand our production capacity up to 9,000tpa, we will have established a solid platform for our Madagascan projects to reach a combined production capacity of 81,000
“In addition to our primary production in Madagascar, the Patalganga flame retardant project in India provides us with specialised products for our initial market penetration into the high growth niche flake graphite flame retardants market.
"With the larger scale downstream projects also being advanced with this funding round, we will be well placed to create and deliver significant upside for our investors, shareholders and all stakeholders."
Read further details on the mining project here...
This article was first published on our sister website Mining Review Africa.