Tirupati Graphite, a specialist producer listed on the London Stock Exchange with assets in Mozambique and Madagascar, has obtained approximately $225,000 in trade finance from a Middle Eastern Sovereign Fund and is negotiating an additional $2.4 million for future support.
The initial funding comes in exchange for 280 tons of flake graphite, with the first shipment of 100 tons ready to depart from Madagascar this week. The remaining 180 tons are expected to ship by early December.
Success with this initial trade could pave the way for the additional $2.4 million. Tirupati and the fund are also discussing potential development financing for projects in Mozambique.
“We are pleased to establish a partnership with the Middle Eastern Sovereign Fund, which we hope will help address our current and future financial needs,” stated Tirupati MD and CEO Shishir Poddar. “This initial agreement is a stepping stone, crucial for safeguarding shareholder interests.”
Tirupati’s 12,000-ton-per-year Vatomina project in Madagascar is currently producing, while the 18,000-ton-per-year Sahamamy project has paused operations. In Mozambique, the company is constructing its 100,000-ton-per-year Montepuez project and preparing to develop the 58,000-ton-per-year Balama Central project.
