Suni Resources was a subsidiary of Australian Stock Exchange-listed Battery Minerals. The sale to Tirupati Graphite included all of the Suni assets in Mozambique relating to the Australian company’s Montepuez and Balama Central projects.
The acquisition was agreed with the issuance of 10,046,556 of Tirupati’s ordinary shares at £0.025 (US$0.0311) each to Battery Minerals, covering A$9.75 million (US$6.59 million) at an issue price of £0.526 per ordinary share in two equal tranches, as well as a payment of A$5,428.14 in cash at completion.
The mining license for the Montepuez project covers JORC 2012 mineral reserves and resources of 119.60 million tonnes with the right to build a flake graphite production project with capacity for 100,000 tonnes per year, in two stages of 50,000 tpy each.
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.
