Madagascar-focused flake graphite miner Tirupati Graphite has recorded a 188% year-on-year increase in production for the three months ended June 30, as it continues to ramp up its Vatomina and Sahamamy projects.
Production for the quarter under review was 2 371 t, compared with the 822 t of graphite produced in the three months ended June 30, 2022.
Sales were also 245% higher at 2 772 t in the reporting quarter, compared with 803 t of sales in the prior comparable period.
Tirupati expects to reach 50% capacity utilisation in the quarter ending September 30, and 75% in the quarter after that.
Given the strong sales and revenue performance during what was the first quarter of the 2024 financial year for the company, Tirupati expects to exceed the production and sales revenue it achieved in the prior financial year before the end of August.
The company says graphite demand continues to grow globally on the back of clean energy transitions, with China’s historical over-capacity of graphite being absorbed rapidly.
Tirupati now holds yearly orders with average monthly volumes of 1 200 t, in addition to the various short-term and spot orders it receives on a regular basis.
It remains focused on increasing market reach for its productions and aligning operations to meet stringent specifications from clients, as well as improving overall efficiencies in mining and processing at its two operations.
Vatomina and Sahamamy have a combined 30 000 t/y production capacity, with up to 97% purity, which it plans to increase to 84 000 t/y as per the company’s modular medium-term development plan.
The company ultimately aims to satisfy 8% of the estimated global graphite demand of five-million tons a year by 2030, by developing the recently acquired Montepuez and Balama Central projects, in Mozambique.