Tirupati Graphite, an indian company with primary mining and processing projects in Madagascar has announced a private placement of up to £3,000,000 in Convertible Loan Notes tofund its development and growth strategies.
The company is planning to build and expand its existing production capacities of primary high-quality-flake graphite in Madagascar. It also proposes to step up its production of high-purity flake graphite from its downstream value-added processing facilities in India. These measures are being taken to target the growing demands for high-purity graphite in the bourgeoning electric vehicles (EV), energy storage, flame retardants, as well as graphene industries.The goal of the company according to Shishir Poddar, Tirupati Executive Chairman and MD, is to evolve the company into a world-class, fully-integrated, high-quality-flake graphite and graphene producer. He added that the funds raised will facilitate the company to develop both Vatomina and Sahamamy projects in Madagascar to the initial 9,000 tpa of installed capacity. Additionally, the funds will also help to advance the downstream processing and graphene projects in India. The final goal is to make the Madagascan projects to reach a combined production capacity of 81,000 tpa over the next three years.The company claims that as part of their Corporate Social Responsibilty, it has upgraded connectivity as well as improved school infrastructure, water health and hygiene and provided vocational training which has helped to improve the quality of life for the community. Since acquiring the project in 2018, the company modernised , upgrades and renovated operations at Sahamamy to install the initial 3,000 tpa module. The plant was successfully commissioned in March 2019 and is ramping up to full capacity.
