On 3 April 2023, Battery Minerals completed the sale of its Mozambican Graphite Projects for a major interest in Tirupati Graphite (TGR:LSE), an emerging producer of flake graphite having recently achieved 30,000tpa production capacity, guidance of 84,000tpa by the end of 2024 and a longer-term goal of producing circa 8% of the global flake graphite market or 400,000tpa by 2030 (LSE TGR 23 September 2022).
This deal provides Battery Minerals with ongoing exposure to the development of the world class Mozambican projects with significant upside to TGR’s rapidly expanding graphite production across existing operations in Madagascar.
Battery Minerals received total consideration of $500k in cash and 12,065,500 ordinary shares in TGR:LSE.