London, 20 Oct (AIM) – The London based graphite producer Tirupati Graphite on Thursday highlighted the improved performance of its projects in Mozambique and Madagascar.
In a report on its activities in the six months to the end of September, it points out that production increased by 160 per cent from 1,731 tonnes a year previously to 4,508 tonnes, with revenue more than doubling from 1.2 million pounds sterling (1.45 million dollars) to 3.1 million pounds.
According to executive chair Shishir Poddar, ‘we have been constrained by working capital limitations, but the debt markets are getting increasingly buoyant for critical mineral development opportunities in Africa. Our advanced stage into production and growing financial outcomes are handy in dealing with interested institutions”.
Whist Tirupati’s currently operating mining projects are in Madagascar, the company has also acquired two advanced stage and world class natural graphite projects in Montepuez in northern Mozambique.
According to the statement, here work has begun to optimise their development with the potential to mine 100,000 tonnes per year.
Mozambique is the world’s second largest producer of graphite and last year accounted for 14 per cent of global production. Graphite is a highly valued form of carbon due to its properties as a conductor of electricity. It is used in batteries and fuel cells and is the basis for the “miracle material” graphene, which is the strongest material ever measured with vast potential for use in the electronics industry.
(AIM)
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