Battery Minerals has agreed to sell its Mozambique Graphite Projects to Tirupati Graphite for $12.5 million in cash and shares.
The acquisition agreement will see the London stock exchange listed company becoming the owner of the Montepuez and Balama Graphite Projects through the purchase of all shares in Suni Resources SA, which is a subsidiary of Battery Minerals and held by Rovuma.
While BAT hasn’t given a reason to the sale, in its June quarterly report it noted disruptions at the projects due to COVID-19 restrictions, including key funding development activities being postponed and reduced staffing.
Tirupati Graphite PLC (LON:TGR) is a fully integrated specialist graphite and graphene producer, with operations in Madagascar and India, with a vision of developing a world-leading benchmark flake graphite company.