London-listed company, Tirupati Graphite, has unveiled plans to produce 50,000 metric tons of graphite in Mozambique in 2023. The move is an ambitious bid to capture 8% of the global market by 2030. This strategic expansion follows Tirupati’s acquisition of two graphite projects in Mozambique, Montepuez and Balama, from the Australian firm, Battery Minerals Ltd, in April.
Graphite, a critical component in battery production for energy storage and electric vehicles (EVs), is primarily mined in China, Mozambique, Madagascar, and Brazil. Tirupati also operates graphite mining and processing facilities in Madagascar, boasting an annual production capacity of 30,000 tons.
The global demand for EVs is forecasted to surge, with sales expected to reach 14 million in 2023, a significant increase from the 10 million figure in 2022, as reported by the International Energy Agency. This anticipated growth is set to escalate the demand for battery minerals such as graphite and lithium.
Tirupati Graphite PLC (LON:TGR) is a fully integrated specialist graphite and graphene producer, with operations in Madagascar and India. The Company is delivering on this strategy by being fully integrated from mine to graphene. Its global multi-location operations include primary mining and processing in Madagascar, hi-tech graphite processing in India to produce specialty graphite, and a state-of-art graphene and technology R&D center to be established in India.