Tirupati Graphite, a company listed on the London Stock Exchange, has made progress in securing trade finance to support its operations in Mozambique and Madagascar. The company recently received approximately $225,000 in funding from a Middle Eastern Sovereign Fund in exchange for 280 tonnes of specific grades of flake graphite. Of this, an initial shipment of 100 tonnes is already at the port in Madagascar and scheduled for shipping later this week. The remaining 180 tonnes are set to be delivered by early December.
Discussions between Tirupati and the Sovereign Fund are ongoing, with the potential for an additional $2.4 million in trade finance being contingent on the successful completion of this initial transaction. Beyond trade finance, both parties are also exploring opportunities for development financing to support Tirupati’s larger projects in the region.
Shishir Poddar, Tirupati’s Managing Director and CEO, expressed optimism about the collaboration, describing it as a step towards addressing the company’s financial needs in a way that safeguards shareholder interests. He emphasised that this initial deal could pave the way for a broader, long-term partnership.
Tirupati is currently producing flake graphite at its 12,000 tonnes per year (t/y) Vatomina project in Madagascar, while its 18,000 t/y Sahamamy project remains temporarily paused. Meanwhile, the company has started construction on its ambitious 100,000 t/y Montepuez project in Mozambique, with its 58,000 t/y Balama Central project also ready for development to commence.
The initial success with the Middle Eastern Sovereign Fund marks an encouraging development for Tirupati Graphite as it continues to expand its operations. The outcomes of these discussions could play a significant role in the company’s growth and the realisation of its strategic goals.
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.
