British graphite producer Tirupati Graphite, which operates in Mozambique and Madagascar, reported on Friday, 20 October that it achieved positive results in the first six months of this year, highlighting the improved performance of its projects.
In an activity report published by the Mozambican Information Agency (AIM), the company revealed that production increased from 1,731 tonnes in the first half of 2022 to 4,588 tonnes in 2023, with revenue standing at 3.1 million pounds sterling (the equivalent of 3.7 million dollars).
According to Tirupati’s CEO, Shishir Poddar, the positive results are 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.
Tirupati recently acquired two advanced-stage, world-class natural graphite projects located in Montepuez and Balama, in Cabo Delgado, in the north of the country.
Mozambique is the world’s second largest producer of graphite and last year accounted for 14 per cent of global production. Graphite is a highly valued form of carbon due to its properties as an electricity conductor.
