Tirupati Graphite advances graphite exploration in Madagascar amid global demand surge
London, UK
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March 14, 2024 08:19 AM Eastern Daylight Time
Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) joint managing director Puruvi Poddar joins Proactive's Stephen Gunnion with details of an exploration programme at the company's flake graphite projects in Madagascar.
The programme, differing from prior approaches, involved over 5,000 diamond core drill cores and more than 25,000 auger drills. SRK Consulting has visited the site to compile data for an updated Competent Persons Report (CPR), marking continuous exploration efforts over the last three years.
Poddar also touched on the global graphite market, highlighting the restrictions on graphite exports from China. These restrictions have intensified demand for graphite worldwide, underscoring its importance as a critical material.
She said Tirupati Graphite is uniquely positioned as one of the few significant graphite producers outside China, with operations in Mozambique and Madagascar. This strategic position is poised to benefit from the growing demand for graphite, especially from the battery sector, with anticipated increases in graphite prices and demand.
Despite challenges, including a working capital gap partly due to delayed funds from the Madagascan government, the company remains optimistic about its ability to meet future demand and achieve its immediate goal of becoming EBITDA positive.
Poddar said Tirupati Graphite's capacity to produce 1,500 to 1,600 tonnes of graphite per month and established market presence underscore its potential in the rapidly evolving graphite market.
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