London-listed Tirupati Graphite has achieved record production and sales at its Sahamamy mining operation, in Madagascar, in the first quarter of the year.
The 3 000 t/y project has breached 97% of nameplate high-quality flake graphite production capacity.
The company is also nearing the completion of development of the first 9 000 t/y module of its second project, Vatomina, to cater to the strong demand for its products.
This will increase the company’s primary flake graphite production capacity in Madagascar to 12 000 t/y. Tirupati aims to increase capacity to 84 000 t/y by 2024.
Tirupati CEO Shishir Poddar says he is proud of the company achieving near nameplate capacity at Sahamamy and remaining on track to commission Vatomina’s first module this quarter, while the company still faces logistical and other challenges caused by the pandemic.
“We are growing at a particularly opportunistic time. Notably, the key role of flake graphite graphene in the green economy is being recognised across the globe with the likes of investment banker UBS, the World Bank and many others releasing reports suggesting increasing demand for this critical material could cause the market to grow in double digit compound annual growth rates.
“We are therefore excited for the future and look forward to updating the market on further developments in due course.”