Delayed London Stock Exchange - 07:22 2022-12-08 am EST
34.99 GBX -0.04%

IN BRIEF: Tirupati Graphite shares rise on plans to up production

11/24/2022 | 09:24am

Tirupati Graphite PLC - graphite and graphene mining and processing in Madagascar - Says the Vatomina preconcentrate plant continues to operate uninterrupted. Says the construction and installation of the second preconcentrate plant at Vatomina is now complete. Tirupati Graphite says it does not foresee any challenges in stabilising Vatomina operations at above 1,200 tons ore feed per day, with effect from December. Says it remains on target to stabilise operations of the 18,000 tonnes per year by end of the current quarter.

Chief Executive Officer Shishir Poddar says: "Our innovative and cost-effective solutions have started to bear fruit. Market conditions for graphite are very positive, and this is the ideal time for us to be increasing production of this critical material. With the turnaround of the Madagascan projects now complete, we are again progressing towards our aim of providing approximately 8% of global flake graphite demand."

In February, tropical storm Ana caused disruption in Madagascar, making it cut its flake graphite production in the second half to March 31 to drop to between 3,200 to 3,500 tonnes, from its previous guidance of around 4,000 tonnes.

Current stock price: 44.55 pence, up 18% on Thursday in London

12-month change: down 35%

By Xindi Wei; xindiwei@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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