Tirupati Graphite to acquire Battery Minerals’ Mozambique graphite projects
Tirupati Graphite has agreed to acquire the entire issued share capital of Suni Resources, a Mozambican subsidiary of Battery Minerals (BAT).
Suni Resources holds the Mozambique graphite assets portfolio of ASX-listed Battery Minerals.
These assets include the Montepuez and Balama Central graphite projects. The latter is in the advanced feasibility study stage.
Tirupati agreed to pay a total consideration of $9.1m (A$12.5m) in cash and shares to acquire the projects.
The transaction includes all associated assets, infrastructure, permits, licences and intellectual property on the two graphite projects, which spread over a combined 18,500ha permit area.
According to estimates, the two complementary graphite deposits contain mineral resources of more than 152 million tonnes at 8.5% total graphite content (TGC).
The acquisition forms part of Tirupati’s efforts to diversify its resource base.
Tirupati Graphite CEO Shishir Poddar said: “With this acquisition, we take a significant leap forward our mission of becoming a leader to meet the global needs for this critical material and contributing to the green aspirations of the world.”
