LONDON – Tirupati Graphite plc, a London-based graphite production company, has announced the suspension of its co-CEO, Shishir Poddar, effective immediately. The company stated that the suspension is pending further investigation, but did not disclose the nature of the investigation or any specific reasons for the decision.
Tirupati Graphite is known for its focus on the production of graphite, a critical mineral for various green applications such as renewable energy, e-mobility, energy storage, and thermal management. The company operates two key projects in Madagascar, Sahamamy and Vatomina, which have a combined nameplate capacity of 30,000 tons per annum (tpa). Additionally, Tirupati holds advanced-stage projects in Mozambique, with the Montepuez project permitted for a production capacity of 100,000 tpa and the Balama Central project ready for development with a permitted capacity of 58,000 tpa.
The suspension of Poddar comes at a time when the company’s Madagascar operations have been producing high-quality flake graphite concentrate with up to 97% purity, catering to a global customer base. The company has not provided any further details regarding the suspension or the anticipated impact on its operations.
Tirupati’s commitment to sustainable operations in the graphite industry has been a significant part of its corporate identity. The company has emphasized its role in supporting a decarbonized economy and the energy transition through its production of graphite.
The news of the suspension was made public as per the requirements under the Market Abuse Regulations (EU) No. 596/2014, and it is now considered to be in the public domain. The information in this article is based on a press release statement from Tirupati Graphite plc. The company has not yet announced any additional information or changes to its executive leadership structure following the suspension.
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Article by:Source – Investing.com
