Tirupati Graphite plc (LON:TGR), the fully integrated, revenue generating, specialist graphite producer and graphene and advanced materials developer, has noted the announcement released by ASX listed Battery Minerals Limited regarding the granting of the Mining Licence for the Balama Central Graphite Project for production of 50,000tpa of graphite concentrate.
Tirupati has agreed to acquire the entire issued share capital of Suni Resources SA from Battery Minerals (subject to certain conditions to closing being satisfied), which holds the construction initiated Montepuez Graphite Project and the advanced feasibility study stage Balama Central Graphite Project (see announcements dated 17 August 2021 and 30 September 2021).
Shishir Poddar, CEO of Tirupati Graphite, said, “The granting of the Mining Licence for the Balama Central Graphite Project is great news, which further enhances the value proposition of the acquisition for Tirupati. Both the Montepuez and Balama Central projects now hold granted mining licenses which, on completion of the acquisition, advances Tirupati on its journey to becoming a material supplier to the high growth EV and battery markets and playing a part in the global energy transition. We also take this news as a positive indicator that Mozambique is starting to open back up for business following the pandemic, along with the rest of the world. We look forward to completing the acquisition over the coming months.”
The announcement by Battery Minerals is set out below without material changes:
Balama Central Project Mining Licence Granted
· The Mozambican Government has granted the Mining Licence for the Balama Central graphite project for production of 50,000tpa of graphite concentrate.
Battery Minerals Limited (ASX Code: BAT, “Battery Minerals”) is pleased to advise that the Mozambican Government has awarded the Mining Licence (called Concessão Mineira) for its Balama Central graphite project for production of 50,000tpa of graphite concentrate.
“This is another important milestone for the Balama graphite project for production of graphite concentrate,” Battery Minerals Chairman David Flanagan said.
“We look forward to completing our sale agreement for our Mozambican graphite assets with Tirupati Graphite announced in August 2021 in the coming months.”
Mozambique Graphite Assets: Sale Agreement with Tirupati Graphite
On 17 August 2021, Battery Minerals announced that it has entered into agreements, together with its subsidiary Rovuma Resources Limited, to sell its Mozambique graphite assets, including the Montepuez and Balama graphite projects, through the sale of all the shares in its subsidiary Suni Resources SA, to the London Stock Exchange listed company, Tirupati Graphite plc for a total aggregate consideration of $12.5 million in cash and shares. Completion of this Sale Agreement is expected to occur in the coming months.