Tirupati Graphite has achieved record production and sales in Q1,2021 from its Sahamamy 3,000 tpa primary graphite mining and processing operations in Madagascar.
Additionally, it continues to advance the development of the first 9,000 tpa module of its second project, Vatomina, to support the strong demand for its products and expansion of further capacities.
Shishir Poddar, CEO of Tirupati Graphite, says:
“We are very pleased with the continued efforts of our team resulting in our achieving near nameplate capacity at Sahamamy and remaining on track to commission Vatomina’s first module this quarter, while we still face logistical and other challenges caused by the pandemic.
“The increase in capacity in Madagascar to 12,000tpa is an important near-term milestone, being the current key revenue source for the Company, and positive step in our existing plan to increase capacity to 84,000 tpa by 2024.
“We are growing at a particularly opportunistic time. In particular, the key role of flake graphite graphene in the green economy is being recognised across the globe with the likes of UBS, The World Bank and many others releasing reports suggesting increasing demand for this critical material could cause the market to grow in double digit CAGR.
“We are therefore excited for the future and look forward to updating the market on further developments in due course.”
- Rapidly expanding primary graphite output from Vatomina and Sahamamy to support strong market demand driven by the Company’s green credentials and increasing requirements from EVs expandable graphite and other consuming markets
- Record sales of high-quality flake graphite achieved from Sahamamy in Q1,2021, breaching 97% of nameplate capacity
- On track to commission updated 9,000 tpa Vatomina first module in Q2 2021, lifting primary flake graphite capacity in Madagascar to 12,000 tpa output with construction nearing completion, mining equipment fleet arriving and various workstreams progressing
- Continuing exploration activities to upgrade and expand the existing mineral resource inventory across both projects