Client NewsTirupati Graphite plc: Tirupati to Acquire Strategic Mozambique Graphite Projects from ASX Listed Battery Minerals
Tirupati Graphite plc, the fully integrated, revenue generating, specialist graphite producer and graphene and advanced materials developer, is pleased to announce that it has entered into a binding acquisition agreement for the acquisition of the entire issued share capital of Suni Resources SA (“Suni Resources”) (the “Acquisition”). Suni Resources holds the Mozambique portfolio of graphite assets of ASX listed Battery Minerals Limited (“Battery Minerals”), which includes the construction initiated Montepuez Graphite Project (‘Montepuez” or the “Montepuez Project”) and the advanced feasibility study stage Balama Central Graphite Project (“Balama Central” or the “Balama Central Project”). The Acquisition includes all associated assets, infrastructure, permits, licenses and intellectual property on both projects for a total consideration of AU$12.5 million (circa £6.6 million) in a cash and shares deal. The Acquisition is subject, amongst other things, to the mandatory shareholder approval of Battery Minerals and approval of the transaction by the Ministry of Mineral Resources and Energy in Mozambique.
Mozambique is home to commercially significant deposits of graphite and a key determinant of mining opportunities in Mozambique is the global energy transition, which has driven demand for certain minerals needed to fuel electric vehicles and vehicles that rely on hydrogen fuel cells. Mozambique is well-positioned to take advantage of this market boom, with mining operations already expanding across Cabo Delgado where the projects are located as well as Gaza, Manica, Maputo, Nampula, Niassa, Tete and Zambezia.
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