Source - Alliance News

Tirupati Graphite PLC - London-based flake graphite supplier with projects in Madagascar and Mozambique - Says funding discussions with potential strategic partners and financial institutions continue. The talks are for near term raising of up to £3 million to streamline the current operations in Madagascar. The company intends to raise, in due course, project finance of up to £80 million from financial institutions for expansion of the company’s Madagascan projects to a combined 54,000 tons per annum production capacity, and development of a first 50,000 tons per annum module at its Mozambican projects. Tirupati says its development strategy for its current projects to achieve its aim of reaching production capacity of around 400,000 tons per annum of flake graphite to serve around 8% of forecast global demand in the next decade.

Current stock price: 6.00 pence

12-month change: down 82%

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