Tirupati Graphite has successfully launched full-scale mining operations at Vatomina, Madagascar, starting on July 28. By August 2, processing operations were also initiated after essential supplies were delivered and sufficient feedstock was accumulated at the ore pads of the preconcentrate units. In the initial days of production, a few minor issues were resolved, and the company managed to produce 59 tonnes of flake graphite with a purity of over 96%, meeting the target head grade of 3%.
From August 6 onwards, steady production was maintained, resulting in 165 tonnes of graphite being produced over seven consecutive working days. With operations designed to run for 330 days a year, this rate of production aligns closely with the facility’s rated capacity, potentially reaching an annual output of 7,778 tonnes at the 3% head grade. Tirupati remains optimistic about achieving its target of 8,000 tonnes per year, provided there are no financial disruptions.
As of August 10, 140 tonnes of finished graphite had already been shipped, with an additional 240 tonnes in transit. The company remains on track to meet its goal of shipping over 600 tonnes in August, with shipments being sent to customers globally.
Additionally, Tirupati received director loans amounting to £230,000 on July 31, with contributions from directors Michael Lynch-Bell, Alastair Bath, and Puruvi Poddar. A small VAT refund of approximately $14,000 was received after a 20-month hiatus, marking the first of several expected refunds from the Madagascan government, which owes the company over $2 million in VAT refunds. Tirupati is continuing efforts to secure further refunds and has made arrangements with Madagascan suppliers to offset previous dues with new goods and services.
CEO and Managing Director Shishir Poddar expressed confidence in the company’s strategy of focusing on higher-grade flake graphite, which has helped reduce costs and achieve the targeted production rate. Poddar also highlighted that the Vatomina project’s full efficiency would enhance the group’s operating margins, with future plans to bring the Sahamamy project back online.
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.
