Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) said Tirupati Graphene and Mintech Research Centre (TGMRC) has successfully delivered its first commercial contract with the development of a mineral processing technology solution for Optiva Resources Ltd.
The two-stage process will enhance Optiva’s extraction of vanadium, titanium, magnetite from its Marela project in Guinea and enable it to process these into saleable concentrates and end products.
Tirupati Speciality Graphite Private Ltd (TSG), owner of the research centre, will receive shares in UK-registered Optiva worth £137,345 as its success fee. It previously received an upfront fee.
TGMRC is poised to achieve net operating earnings in the current financial year, its first year since its establishment, and expects these activities to be earnings enhancing in FY23 for Tirupati Graphite PLC.
“Building on this success and the pipeline of activity currently underway with blue chip clients, we expect TGMRC to be an earning unit standalone,” said Tirupati Graphite PLC chairman Shishir Poddar.
TGMRC and Optiva said they are in talks regarding further services to optimise mineral processing.
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