Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) said the Mozambican government granted a mining licence for the Balama Central graphite project for the production of 50,000 tonnes per year of graphite concentrate.
Tirupati is in the process of acquiring Balama Central, and the Montepuez graphite project, 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."