Business
Tirupati Receives Prepayments
Tirupati Receives Prepayments.
About this update from Total Graphite Plc
[{"type":"text","content":"\n\nThis announcement includes statements that are, or may be deemed to be, \"forward-looking statements\". In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms \"targets\", \"believes\", \"estimates\", \"anticipates\", \"expects\", \"intends\", \"may\", \"will\", \"should\", \"could\" or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Company and the Board. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance and results of operations may differ from the forward-looking statements contained in this announcement.\n \n10 August 2023\nTirupati Graphite plc\n('Tirupati', 'TG' or the 'Company')\n \nTirupati Receives Prepayments to Support Production Ramp-up\n \nTirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite producer and a supplier of critical minerals for the green transition economy, is pleased to announce it has received c.US$ 1 million net of prepayments from existing clients, to support the ramp-up of operations.\n \nShishir Poddar, Executive Chairman, said:\n \n\"Today marks a significant milestone in Tirupati's journey and reflects a step up in the Company's financial and operating profile. \n \n\"Since we completed the significant expansion at our Madagascan operations, increasing our production capacity to 30,000tpa, we have been advancing discussions with multiple new customers, leveraging our decades of experience in the Graphite industry, to ensure they recognise Tirupati's scale and position as a leading provider of natural graphite outside of China.\n \n\"The prepayments announced today will significantly support our working capital requirements and provide suppliers and customers with confidence allowing us to maintain a strong pipeline of business.\"\n \nHighlights\n \n· Tirupati's preference has been to meet its working capital needs for ramping up of operati...