- Battery Minerals Ltd, formerly known as Metals of Africa Ltd, an Australia-based company engaged in the mineral exploration and assessment of mineral projects has agreed to sell its Mozambique Graphite Projects to Tirupati Graphite the London stock exchange-listed company.
- It is a graphite producer and developer with projects in Madagascar and India.
Battery Minerals Ltd, formerly known as Metals of Africa Ltd, an Australia-based company engaged in the mineral exploration and assessment of mineral projects has agreed to sell its Mozambique Graphite Projects to Tirupati Graphite the London stock exchange listed company. It is a graphite producer and developer with projects in Madagascar and India.
The acquisition agreement is around $12.5 million in cash and shares. According to the agreement, Tirupati Graphite will take over the Montepuez and Balama Graphite Projects through the purchase of all shares in Suni Resources SA, which is a subsidiary of Battery Minerals and held by Rovuma. The agreement is subject to government and shareholder approval. Once approved, BAT will receive a cash payment of $1.5 million and Tirupati ordinary shares valued at $11 million.
Though the reason for the sale is not known, BAT said it would continue to focus on its Australian mineral exploration properties. Nevertheless in its June quarterly report, BAT had reported disruptions at the projects due to COVID-19 restrictions, including key funding development activities being postponed and reduced staffing. In a statement, the company said Tirupati was a “natural owner” of projects given its experience in Africa.
