8th Feb 2021 14:25
Tirupati Graphite PLC - graphite and graphene producer in Madagascar and India - Says it will upscale the capacity of the first module at its Vatomina project by 50% to a planned production of 9,000 tonnes per annum, due to an increase in demand for flake graphite from Madagascar. Notes upscaling Vatomina's first module from a 6,000 tonnes per annum capacity to 9,000 tonnes per annum will be done at an estimated 30% additional capital expenditure, bringing the total production capacity in Madagascar to 12,000 tonnes per annum following commissioning of the new production module in the second quarter of 2021.
"Flake graphite prices, and particularly in the larger flake sizes, have seen an uplift over the past quarter and we have received strong demand from our current and prospective buyers from diverse market segments. The upscaled capacity will boost our near-term cash flow generation which further enhances shareholder value at minimal costs," says Chief Executive Shishir Poddar.
Current stock price: 76.00 pence
Year-to-date change: up 17%
By Ife Taiwo; [email protected]
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