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Tirupati Graphite PLC - London-based company specialising in graphite and graphene - Says flake graphite production in the second half to March 31 will drop to between 3,200 to 3,500 tonnes, from its previous guidance of around 4,000 tonnes. This is due to disruption caused by tropical storm Ana in Madagascar, and a further storm to come over the next week.
Tirupati says production thereafter will be boosted by the completion of a new plant at Sahamamy capable of handling 18,000 tonnes per annum, which will take flake graphite production to 30,000 tpa from the second quarter of financial 2023, and reach 84,000 tpa by the end of financial 2024. Full-year production guidance of around 20,000 tonnes for the financial year 2023 remains unchanged.
"All of us at Tirupati Graphite were deeply affected by the news from Madagascar, and would like to offer our sincere condolences to those who have lost loved ones during Tropical Storm Ana. We are very grateful that no harm has come to Tirupati's employees or indeed to its operations, the original designs and engineering of which took into account possible occurences of such adverse weather," said Executive Chair Shishir Poddar.
Current stock price: 76.55 pence, down 5.5% on Wednesday
12-month change: up 3.5%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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