Modern Mining August 2021

GRAPHITE

Game-changing Mozambique

With the electrification of mobility taking off and the world starting to scramble for supplies of critical raw materials, of which graphite is one, Tirupati is acquiring two world-class graphite deposits in Mozambique. The game-changing acquisition, CEO Shisir Poddar tells Modern Mining , allows the company to build its arsenal and seize every opportunity to become a global leader in flake graphite. By Munesu Shoko .

D emand for graphite has historically been driven by steel and industrial applications. In recent years, demand for natural graphite – the single largest component in lithium-ion batteries – has been accelerated by the fast-tracked expansion of the electric vehicle and renewable energy sectors. The global graphite market is predicted to wit- ness a 7,4% CAGR between 2020 and 2030 to reach US$36,8-billion in 2030 from US$19-billion in 2019, according to P&S Intelligence. This would be a result of the increasing demand for lithium-ion (Li-ion) bat- teries, which is itself a result of the rising sales of electric vehicles (EVs). Due to the increasing aware- ness regarding carbon emissions and the depleting fossil fuel reserves, governments around the world are offering their support for EVs. The increasing demand for Li-ion batteries is propelling the graphite market because the anode (negative terminal) of such energy storage devices is made of graphite. Compared to lithium, such bat- teries need up to 20 times more graphite, as more graphite means availability of more current to flow between the two terminals. Li-ion batteries for hybrid

electric vehicles require 10 kg, while for a battery electric vehi- cle (BEV), 70 kg of graphite is required. To position itself as a serious player in the graphite market, Tirupati Graphite plc, the fully integrated, revenue generat-

Shisir Poddar, CEO of Tirupati.

ing, specialist graphite producer and graphene and advanced materials developer, has entered into a binding acquisition agreement for the purchase of the entire issued share capital of Suni Resources SA. Suni Resources holds the Mozambique portfolio of graphite assets of ASX-listed Battery Minerals Limited, which includes the construction initiated Montepuez Graphite Project and the advanced fea- sibility study stage, Balama Central Graphite Project. The acquisition includes all associated assets, infrastructure, permits, licences and intellectual property on both projects for a total consideration of AU$12,5-million (about £6,6-million) in a cash and shares deal. The acquisition is subject, among other things, to the mandatory shareholder approval of Battery Minerals and approval of the transaction by the Ministry of Mineral Resources and Energy in Mozambique. Advancing operations The acquisition comes at a time when Tirupati con- tinues to advance its operations across its portfolio, including primary mining and processing projects in Madagascar, Sahamamy and Vatomina, and special- ity graphite and graphene processing businesses in India. “Given the fast evolving opportunities as the electrification of mobility takes off, and the world is starting its scramble for supplies of critical raw materials, this is nothing short of a game-changing acquisition for us to build our arsenal and seize every opportunity coming our way in our quest to become a global leader in flake graphite,” says Shishir Poddar, CEO of Tirupati Graphite. “Strategically, the Montepuez and Balama Central deposits are world class and will add 152-million tonnes at 8,5% TGC of resources to our existing

Montepuez Project mine plan.

12  MODERN MINING  August 2021