1st Oct 2021 16:07
Tirupati Graphite PLC - graphite mining and processing company - Notes that ASX-listed Battery Minerals Ltd has confirmed its shareholders have approved the sale of its assets in Mozambique.
In mid-August, Tirupati agreed to acquire Suni Resources SA from Battery Minerals, which holds the Montepuez Graphite Project and Balama Central Graphite Project.
The deal is now conditional on in-country approvals, mainly from the Ministry of Mineral Resources & Energy in Mozambique.
"We are delighted that Battery Minerals' shareholders have given their approval, which passes the first of the two major milestones to completing the acquisition of these advanced stage projects. The acquisition will be helpful in our endeavours to be a material player in the high growth EV and battery markets as the two projects have substantial reserves and resources, provide us diversity of risks, and expand our production profile given the nature of the deposits and the graphite product output," says Chief Executive Officer Shishir Poddar.
Current stock price: 98.95 pence
Year-to-date change: up 52%
By Dayo Laniyan; [email protected]
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