9th Apr 2021 11:06
(Alliance News) - Specialist graphite producer Tirupati Graphite PLC on Friday reported record production and sales in the first quarter of 2021 from its Sahamamy graphite mine in Madagascar.
The company confirmed it had achieved rapidly expanding primary graphite output from its Vatomina and Sahamamy projects to support strong demand due to increased requirements from electric vehicles.
Sales from 3,000 tonnes per annum Sahamamy breaks 97% of nameplate capacity. In addition, Tirupati said it is on-track to commission its updated 9,000 tpa Vatomina's first module in the second quarter, which will lift primary flake graphite capacity in Madagascar to 12,000tpa output.
It also announced it was progressing the development of its Vatomina project 'to support the strong demand for its products and expansion of further capacities'.
Tirupati Graphite Chief Executive Shishir Poddar commented, "We are very pleased with the continued efforts of our team resulting in our achieving near nameplate capacity at Sahamamy and remaining on track to commission Vatomina's first module this quarter, while we still face logistical and other challenges caused by the pandemic.
"We are growing at a particularly opportunistic time. In particular, the key role of flake graphite graphene in the green economy is being recognised across the globe with the likes of UBS, The World Bank and many others releasing reports suggesting increasing demand for this critical material could cause the market to grow in double digit CAGR."
Shares in Tirupati Graphite were quoted at 100.45 pence in London on Friday, up 5.7%. The stock is up 55% so far in 2021.
By Will Paige; [email protected]
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