Upscaling of Vatomina Project's capacity in response to increased market demand
Tirupati Graphite plc, the fully integrated, revenue generative, specialist graphite producer and graphene developer with operations in Madagascar and India, is pleased to announce that in response to continued increased demand for its high-quality flake graphite from Madagascar, the Company will upscale the capacity of the first module at its Vatomina Project ('Vatomina') by 50% to a planned production of 9,000 tonnes per annum ('tpa'), which will result in an increase to near-term cash flows from operations.
Shishir Poddar, CEO of Tirupati Graphite, said, "We are already starting to see the fruits of our continued efforts to become a significant supplier to the rapidly growing global flake graphite market, which is being substantially driven by the growth in green applications including electric vehicles, thermal management and flame retardants.
"Flake graphite prices, and particularly in the larger flake sizes, have seen an uplift over the past quarter and we have received strong demand from our current and prospective buyers from diverse market segments. Our team's persistent dedication to meet our customers' expectations galvanised our decision to upscale the capacity of the first production module at Vatomina to 9,000tpa, which will take us to a significant total of 12,000tpa across our two projects in the near-term, while remaining on track to commission the new production module at Vatomina in Q2 2021. The upscaled capacity will boost our near-term cash flow generation which further enhances shareholder value at minimal costs."