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Madagascar: Tirupati Graphite commences full-scale operations at Vatomina graphite project
6:38 CAT | 14 Aug 2024
in file CoM
Tirupati Graphite PLC – London-based flake graphite supplier with projects in Madagascar and Mozambique – has started full-scale mining operations from the Vatomina operation in Madagascar on 28 July with steady state production from 6 August, the group said in a statement.
“Full scale mining operations were commenced at Vatomina from 28 July 2024, following successful delivery of fuel and other supplies by 27 July 2024; Processing operations at Vatomina were commenced from 2 August 2024, following building up of threshold feed stock at the ore pads of the two pre concentrate units,” the company announced. “Minor issues were addressed between 2 – 5 August 2024 during which 59 tons of >96% grade flake graphite was produced and head grade met the target of 3%; Steady state 24/7 production has been ongoing since 6 August 2024, with production of 165 tons in seven (7) consecutive working days”;
The current run rate is 165 tons per week of high-grade graphite, the equivalent of just 8,000 tons per year or around 97% capacity. The head grade is around 3%.
Sone 140 tons have been shipped, with a further 240 tons waiting to be sent with the target for August of 600 tons.
Three directors have agreed to provide a loan of £230,000 while the operation ramps up.
Shishir Poddar, chief executive, commented: “We are pleased to announce that full-scale mining operations have commenced at Vatomina, with production focused on only the higher grade flake graphite to ensure the best price realisation.
“Our operational discipline and focus on the higher grade graphite have led to us reducing the overall cost structure, whilst still being able to achieve the 8,000 tons per annum production run rate.”
“In the meantime, we remain focused on our immediate and long-term capital needs.”
Shares have been suspended while the group finalises its accounts.
Poddar added: We are also working with our auditors to publish our Annual Report, so our shares can begin trading again.”
Source: Proactive Investors
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