{"id":37124,"date":"2023-04-18T06:46:27","date_gmt":"2023-04-18T06:46:27","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources"},"modified":"2023-04-18T06:49:55","modified_gmt":"2023-04-18T06:49:55","slug":"tirupati-graphite-successfully-completes-acquisition-of-suni-resources","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources","title":{"rendered":"Tirupati Graphite successfully completes acquisition of Suni Resources"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Tirupati Graphite PLC said it has successfully completed the acquisition of Suni Resources SA, a Mozambique-incorporated subsidiary of ASX-listed Battery Minerals Limited on 1 April 2023.<\/p>\n

In a statement, Shishir Poddar, executive chairman of Tirupati Graphite (TG), commented: \u201cWe are delighted to announce the completion of the acquisition of Suni Resources. This strategic acquisition will see us materially strengthen our existing portfolio through the addition of two world-class graphite assets located within one of the largest commercially operating global flake graphite projects.<\/p>\n

\u201cAs the global need for critical minerals increases, the flake graphite market is forecast to reach 5 million tonnes per annum of new demand by 2030. This acquisition positions Tirupati at the forefront of the market and enables us to accelerate the production of these materials essential to the energy transition.\u201d<\/p>\n

Poddar added: \u201cImportantly, through acquiring the Balama Central and Montepuez projects in Mozambique, we are diversifying our locations, providing access to a new region as well as providing buyers with an additional source of graphite outside of China, where global supply is currently heavily concentrated.<\/p>\n

\u201cMoving forward, our focus will be on optimising processing technology, flow sheet and the investment required for the projects, continuing the construction of the first module at Montepuez, and drawing on our decades of expertise and history of building flake graphite projects. As a reminder, TG\u2019s capital intensity and operating costs are within the bottom quartile of the industry and the completion of this acquisition further allows TG to robustly engage with the global energy storage markets.\u201d<\/p>\n

Our EC @ShishirPoddar highlights growing demand for #criticalminerals like #flakegraphite in the #energytransition. With completion of our Suni Resources acquisition, Tirupati is now poised to be a leader in this market, accelerating the production of these essential materials. pic.twitter.com\/CMaGmiekNk<\/p>\n

\u2014 Tirupati Graphite (@Tirupatiuk) April 11, 2023<\/p>\n

The specialist graphite and graphene company said the acquisition includes all assets, infrastructure, permits, licences, and intellectual property associated with the construction initiated Montepuez Project and the fully permitted Definitive Feasibility Study ready, Balama Central Project in Mozambique held by Suni.<\/p>\n

Tirupati paid a sum of A$5,428.14 in cash at completion under the share purchase agreement (SPA) as well as a sum of A$500,000 (around \u00a30.27mln) in cash, paid on 25 January 2023, under an IP assignment. It also issued of 2,018,944 ordinary shares of \u00a30.025 each to Battery Minerals Limited at completion covering a sum of A$994,571.86 (\u00a3539,058) at an issue price of \u00a30.267 per ordinary.<\/p>\n

It said payment of a sum of A$2,375,000 (around \u00a31,260,150) has also been made under variations of the SPA to facilitate the payment of capital gains tax by Battery Minerals Limited in connection with the disposal of Suni in consideration for which Suni agreed to a A$1,250,000 (around \u00a3677,500) reduction in the value of the consideration shares from A$11,000,000 (around \u00a35,962,000) to A$9,750,000 (around \u00a35,284,500), as well as to Tirupati retaining the right to the VAT refunds due to Suni for historical spends amounting to about A$1.5mln (around \u00a3810,000).<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Tirupati Graphite PLC said it has successfully completed the acquisition of Suni Resources SA, a Mozambique-incorporated subsidiary of ASX-listed Battery Minerals Limited on 1 April 2023. In a statement, Shishir Poddar, executive chairman of Tirupati Graphite (TG), commented: \u201cWe are delighted to announce the completion of the acquisition of Suni Resources. This […]<\/p>\n","protected":false},"author":84,"featured_media":37123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-37124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nTirupati Graphite successfully completes acquisition of Suni Resources - Mozambique<\/title>\n<meta name=\"description\" content=\"Tirupati Graphite PLC said it has successfully completed the acquisition of Suni Resources SA, a Mozambique-incorporated ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tirupati Graphite successfully completes acquisition of Suni Resources\" \/>\n<meta property=\"og:description\" content=\"Tirupati Graphite PLC said it has successfully completed the acquisition of Suni Resources SA, a Mozambique-incorporated ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-18T06:46:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-18T06:49:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/04\/postQueueImg_1681784253.75.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"935\" \/>\n\t<meta property=\"og:image:height\" content=\"591\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tirupati Graphite successfully completes acquisition of Suni Resources\",\"datePublished\":\"2023-04-18T06:46:27+00:00\",\"dateModified\":\"2023-04-18T06:49:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources\"},\"wordCount\":504,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/04\/postQueueImg_1681784253.75.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tirupati-graphite-successfully-completes-acquisition-of-suni-resources\",\"name\":\"Tirupati Graphite successfully completes acquisition of Suni Resources - 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