UK-based 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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”

The deal is subject to the mandatory shareholder approval of Battery Minerals and approval from the Ministry of Mineral Resources and Energy in Mozambique.

Planned to be developed in two phases, the Montepuez project is expected to have a 100,000tpa graphite concentrate capacity.

The Montepuez project is estimated to contain mineral resources of 119.6 million tonnes (Mt) at 8.1% TGC and ore reserves of 42.2 million metric tonnes at 9.27% TGC.

Located approximately 260km east of Pemba, the Balama Central project includes two main graphite ore bodies comprising mineral resources of 32.9Mt at a grade of 10.2% TGC.