Balama Central is being purchased by Tirupati from Battery Minerals Ltd.
The Mozambican government has given a mining license for the Balama Central graphite project, which would produce 50,000 tonnes of graphite concentrate per year, according to Tirupati Graphite.
Balama Central and the Montepuez graphite property are being acquired by Tirupati from ASX-listed Battery Minerals Ltd.
“The granting of the mining licence for the Balama Central graphite project is great news, which further enhances the value proposition of the acquisition for Tirupati,” said Shishir Poddar, chief executive of Tirupati.
“Both the Montepuez and Balama Central projects now hold granted mining licenses which, on completion of the acquisition, advances Tirupati on its journey to becoming a material supplier to the high growth EV and battery markets and playing a part in the global energy transition.
“We also take this news as a positive indicator that Mozambique is starting to open back up for business following the pandemic, along with the rest of the world. We look forward to completing the acquisition over the coming months.”