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August 18, 2021

Tirupati to acquire Battery Minerals’ Mozambique graphite projects

The two projects contain mineral resources exceeding 152 million tonnes at 8.5% total graphite content.

UK-based Tirupati Graphite has agreed to acquire the entire issued share capital of Suni Resources, a Mozambican subsidiary of Battery Minerals (BAT).

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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.”

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.

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How is the Mining industry adopting electric technologies?

As miners strive to reduce greenhouse gas emissions, many, particularly those with underground mines, are beginning to invest in battery-powered and electric-powered mining fleets. As of March 2022, GlobalData was tracking 207 trolley assist trucks operating on surface mines across the globe. Based on our analysis, the largest population of trolley assist trucks was in Zambia, followed by Namibia and Panama. In the same time frame, GlobalData was also tracking 157 electric loaders (LHDs) and 45 electric trucks operating in underground mines across the globe. Our analysis revealed that the combined largest population of electric LHDs and trucks was in Canada, followed by Russia, Sweden and Australia. Our report provides:
  • A summary of specific battery/electric surface and underground equipment – namely trolley trucks, underground mining trucks and underground LHDs
  • Active population of trolley assist and battery-powered trucks worldwide by country & mine
  • Active electric LHDs and trucks population worldwide by country & mine
  • Number of electric LHDs & trucks operated by miner
Download this report to better understand the rise of electric vehicles in mining and pinpoint investment opportunities.
by GlobalData
Enter your details here to receive your free Report.

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