British graphite producer Tirupati Graphite, which is active in Mozambican and Madagascar, has revealed that the company has appointed Michael Lynch-Bell to the position of non-executive chairman, following an extraordinary general meeting requested by shareholders.
“A group of shareholders, which holds around 5.8 per cent of Tirupati’s ordinary share capital, requested in April that the company call an extraordinary general meeting with a view to making some changes to the entity’s management body,” said a statement released by Engineering News.
In the document, the mining company explained that the measures taken are aimed at providing significant growth opportunities in the future, especially in projects under development in African countries.
“Lynch-Bell’s significant experience as an independent director in several listed mining companies will be of great value to us in achieving the planned objectives,” he emphasised.
Last year, the company revealed that production had increased from 1,700 tonnes in the first half of 2022 to 4,500 tonnes in 2023, with revenue standing at 3.1 million pounds sterling (the equivalent of 3.7 million dollars).
At the time, Tirupati maintained that the positive results were a reflection of the work carried out on the projects, despite some working capital constraints.
“We were limited by working capital, but the debt markets are increasingly dynamic for critical mineral development opportunities in Africa. Our advanced stage of production and growing financial results are useful for dealing with interested institutions,” he said.
