The mining company Tirupati Graphite, listed on the London Stock Exchange and with assets in Mozambique and Madagascar, has secured around 14.2 million meticals (225,000 dollars) in commercial financing from the Middle East Sovereign Fund, and is in talks to acquire a further 151.6 million (2.4 million dollars).
According to an article made public on Wednesday 13 November on the Mining Weekly news portal, the initial funding was granted to Tirupati in exchange for 280 tonnes of certain types of flake graphite. The first shipment of 100 tonnes is now at the port in Madagascar and ready to be shipped at the end of this week.
According to the agency, the remaining 180 tonnes of graphite are expected to be shipped at the beginning of December. Negotiations on the 151.6 million (2.4 million dollars) in commercial financing are subject to the success of the initial transaction.
Tirupati said it is also discussing with the Middle East Sovereign Wealth Fund the fund’s potential to finance the development of the mining company’s projects in Mozambique.
‘We are pleased to have entered into a relationship with the Middle East Sovereign Wealth Fund, with whom we have been working towards a comprehensive and long-term resolution of our current and future financial needs. The tentative agreement is a stepping stone, the success of which will strengthen our position in finding prudent solutions to our financial needs,’ commented Shishir Poddar, Tirupati’s managing director.
The company has also started construction of the 100,000 tonnes per year (t/y) Montepuez project in Mozambique, while its 58,000 t/y Balama Central project is ready for implementation.
