Zak Mir talks to Shishir Poddar, Executive Chairman, Tirupati Graphite, as the company announces the completion of the acquisition of Suni Resources.
Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) has confirmed the successful acquisition of Suni Resources SA, a Mozambique-incorporated subsidiary of Battery Minerals Limited, an ASX-listed firm, on 1 April 2023.
The deal includes the purchase of all assets, infrastructure, permits, licenses, and intellectual property associated with the Montepuez Project and the Balama Central Project in Mozambique. Shishir Poddar, the executive chairman of Tirupati Graphite, stated that the acquisition of Suni Resources would materially strengthen the company’s portfolio, providing access to two world-class graphite assets in one of the largest commercially operating global flake graphite projects.
Tirupati’s capital intensity and operating costs are within the industry’s bottom quartile, and the acquisition will help the company robustly engage with the global energy storage markets.
The deal involved a cash payment of A$5,428.14 at completion under the share purchase agreement, an additional A$500,000 paid under an IP assignment, and the issuance of 2,018,944 ordinary shares to Battery Minerals Limited at completion.
A payment of A$2,375,000 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.
