{"id":4589,"date":"2021-08-17T17:36:14","date_gmt":"2021-08-17T17:36:14","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=4589"},"modified":"2021-08-17T15:44:59","modified_gmt":"2021-08-17T15:44:59","slug":"battery-minerals-to-sell-mozambique-projects-for-12-5m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m","title":{"rendered":"Battery Minerals to sell Mozambique projects for $12.5m"},"content":{"rendered":"

Africa-Press<\/a> – Mozambique<\/a>. <\/strong><\/span>Battery Minerals (BAT) has agreed to sell its Mozambique Graphite Projects to Tirupati Graphite for $12.5 million in cash and shares.<\/p>\n

The acquisition agreement will see the London stock exchange listed company becoming the owner of the Montepuez and Balama Graphite Projects through the purchase of all shares in Suni Resources SA, which is a subsidiary of Battery Minerals and held by Rovuma.<\/p>\n

While BAT hasn\u2019t given a reason to the sale, in its June quarterly report it noted disruptions at the projects due to COVID-19 restrictions, including key funding development activities being postponed and reduced staffing.<\/p>\n

The company said it would continue to focus on its Australian mineral exploration properties in the WA Kimberley region and western Victoria, where it is currently implementing expanded exploration programmes.<\/p>\n

In today\u2019s announcement, the company said Tirupati was a \u201cnatural owner\u201d of projects such as the two Mozambican graphite projects given its experience in Africa.<\/p>\n

Specifically, Tirupati is a graphite producer and developer with projects in Madagascar, as well as advanced materials development businesses in India.<\/p>\n

The sale will see BAT receive a cash payment of $1.5 million and Tirupati ordinary shares valued at $11 million.<\/p>\n

Through its shareholding, Battery Minerals will maintain a free carried exposure to the two projects and add exposure to Tirupati Graphite\u2019s other production and development assets.<\/p>\n

Additionally, BAT said it would gain exposure to graphene and graphene based advanced materials being developed by Tirupati.<\/p>\n

The sale is subject to Mozambican government approval and approval from Battery Minerals\u2019 shareholders.<\/p>\n

BAT shares are trading in the grey at 1.5 cents at 10:38 am AEST.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Battery Minerals (BAT) has agreed to sell its Mozambique Graphite Projects to Tirupati Graphite for $12.5 million in cash and shares. The acquisition agreement will see the London stock exchange listed company becoming the owner of the Montepuez and Balama Graphite Projects through the purchase of all shares in Suni Resources SA, […]<\/p>\n","protected":false},"author":84,"featured_media":4588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-4589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nBattery Minerals to sell Mozambique projects for $12.5m - Mozambique<\/title>\n<meta name=\"description\" content=\"Battery Minerals (BAT) has agreed to sell its Mozambique Graphite Projects to Tirupati Graphite for $12.5 million in cas ...\" \/>\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\/battery-minerals-to-sell-mozambique-projects-for-12-5m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Battery Minerals to sell Mozambique projects for $12.5m\" \/>\n<meta property=\"og:description\" content=\"Battery Minerals (BAT) has agreed to sell its Mozambique Graphite Projects to Tirupati Graphite for $12.5 million in cas ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m\" \/>\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=\"2021-08-17T17:36:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/08\/img-611bd75fb0b1d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\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=\"2 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\/battery-minerals-to-sell-mozambique-projects-for-12-5m#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Battery Minerals to sell Mozambique projects for $12.5m\",\"datePublished\":\"2021-08-17T17:36:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m\"},\"wordCount\":274,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/08\/img-611bd75fb0b1d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/battery-minerals-to-sell-mozambique-projects-for-12-5m\",\"name\":\"Battery Minerals to sell Mozambique projects for $12.5m - 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