TIDMSTGR
RNS Number : 4779Q
Stratmin Global Resources PLC
18 June 2015
18 June 2015
StratMin Global Resources Plc
("StratMin" or the "Company")
Strategic Partnership with Tirupati Carbons & Chemicals
StratMin (AIM: STGR), London's only listed graphite mining and
production company is pleased to announce the signing on 17 June
2015 of a binding strategic partnership and joint venture agreement
with Tirupati Carbons & Chemicals Group (P) Ltd. ("Tirupati"),
the private Indian-based graphite mining and processing group, with
operations in India and Madagascar.
Key points:
-- Stratmin to earn a 45% interest in Tirupati's subsidiary,
Tirupati Resources Mauritius Pvt Ltd, which owns 98% of Tirupati
Madagascar Ventures SARL ("TMV"), owner of the Vatomaina graphite
project in Madagascar ("Vatomaina Project"), via a staged
investment of US$1.5m.
-- Highly experienced Tirupati founder and Managing Director, Mr
Shishir Poddar joins the Board of Stratmin in an executive capacity
as Technical Director.
-- Stratmin and Tirupati to jointly fund a 12,000 tpa graphite
mine and processing facility for the Vatomaina Project.
-- Stratmin to develop a second, 100% owned, 12,000 tpa facility
adjacent to existing operations at Loharano ("Mahefadok
Project").
-- Tirupati to provide technical expertise and collaborate on marketing and sales.
-- Tirupati to make staged investment into Stramin via equity options structure.
-- Strategic partnership to deliver significant synergies for
Stratmin and Tirupati, leveraging Stratmin's existing in country
infrastructure and Tirupati's extensive graphite expertise.
About Tirupati and TMV's Vatomaina Project
Tirupati is a privately owned graphite mining and production
company based in Ranchi, India. The founder and Managing Director,
Mr Shishir Poddar, is a highly experienced graphite industry
executive and a second generation graphite entrepreneur. Shishir
has over twenty years operating experience in mining, processing
and marketing graphite and has established Tirupati as one of the
leaders in the Indian flake graphite industry.
In order to internationalise operations beyond the Indian
market, Tirupati acquired the Vatomaina Project, a high grade flake
graphite deposit approximately 20km from Stratmin's Loharano mine
and plant in Madagascar. Initial exploration work has been
completed with a JORC compliant exploration target of approximately
10 million tonnes of ore and grades ranging from 2% to 10% FC with
significant additional potential noted. This is very similar to
Tirupati's own soft rock / clay hosted Loharano deposit.
Tirupati considers this sufficient to support at least a ten
year mine life for a 12,000 tonne per annum flake graphite plant
and has partnered with Stratmin to progress development of this
project.
Strategic Partnership Agreement
Stratmin and Tirupati recognise the significant potential that
exists for the development of graphite mining in Madagascar. The
combination of Tirupati's technical expertise in graphite
processing and Stratmin's current operations, growing resource base
and access to capital markets, will help to unlock the full value
of the Loharano, Mahefadok and Vatomaina projects to grow the group
into a mid tier graphite producer for the benefit of all
stakeholders.
Stratmin has agreed to invest US$1.5m in the Vatomaina Project
in return for a 45% equity interest in Tirupati Resources Mauritius
Pvt Ltd, the holding company of the Vatomaina Project via its 98%
interest in TMV (the other 2% being held by Shashir and Hermant
Podder), having been assigned these rights from Consolidated Chrome
Pte Ltd, a company controlled by Mr Ghanshyam Champaklal, a
significant shareholder in Stratmin. The funds will be used to
complete a feasibility study on the project and to commence site
preparation. It is estimated that a further US$4m will be required
to construct a 12,000 tonne per annum processing plant for TMV and
a similar amount for an additional 12,000 tonne per annum mine and
processing plant at Stratmin's Mahefadok Project.
Stratmin and Tirupati will centralise operations in Madagascar
to maximise synergies between their respective projects. All
operational reporting will be to Mr Shishir Poddar.
Tirupati will earn up to GBP300,000 in equity as compensation
for technical services, payable in Stratmin shares in three equal
instalments, GBP100,000 payable at 5.07p, the volume weighted
average price for the 5 days prior to signing the agreement and the
remainder at the volume weighted average price from time to time,
subject to agreed milestone achievements. In order to further align
Stratmin and Tirupati's long-term interests, Tirupati will invest,
via an option package, of 5million Stratmin shares at a pricing of
6p per share and 5 million Stratmin shares at 9p per share,
exercisable over a 12 month period and an 18 month period
respectively.
Appointment of Mr Shishir Poddar as Technical Director of
Stratmin
Mr Shishir Poddar, Founder and Managing Director of Tirupati
Carbons & Chemicals Group, is appointed effective today to the
Board of Stratmin as an Executive Director with the title of
Technical Director with a salary of GBP84,000 per annum and
Stratmin will consider performance related benefits in due course.
Shishir has 22 years' experience in the mining, processing and
marketing of natural flake graphite. He holds BSc degree from
Bombay University and started training in the graphite industry
with Chotanagpur Graphite in 1992. He became Executive Director of
the company before resigning in 2007 to co-found Tirupati Carbons
& Chemicals, which he has established as a leader in the Indian
flake graphite industry.
Shishir is a member of and holds positions of authority in
several industry and trade bodies in India, including the
Federation of Indian Mineral Industries and the Indian Institute of
Foundrymen. He is a frequent participant in graphite conferences
around the world and has an extensive network in the industry.
Shishir is actively involved in governmental policy, especially in
sustainable development and finance in the mining and
minerals-based industries.
Brett Boynton, StratMin's Managing Director, commented:
"Partnering with Tirupati as we have enables Stratmin to take a
leading role in the rapidly reshaping graphite industry. Shishir
and his team bring exceptional knowledge in the production and
marketing of graphite to the group. This joint venture and broad
collaboration enables both parties to significantly expand their
footprint in the industry and take a leading position leveraging
our low cost, large flake deposits. With the recent achievement of
a significant milestone in producing 94% GIC flake from our
Loharano project we are now well positioned to transfer this
knowledge into two new projects leveraging our existing in country
infrastructure and partnering with a team with excellent pedigree
in the industry. We now have a platform in place to take a leading
role in the emerging graphite story. "
Additional Information on Mr Shishir Poddar
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Shishir Kumar Poddar (Aged 45)
Current Directorships / Partnerships Past Directorships / Partnerships
Tirupati Engicon Private Ltd Treadspin Retreaders Private Ltd
Tirupati Carbons & Chemicals Private Ltd
Tirupati Resources Mauritius Ltd
Tirupati Madagascar Ventures Ltd
Izen Stationery Solutions
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
Enquiries
For further information please visit www.stratminglobal.com or
contact:
+44 (0) 20
StratMin Global Resources Plc 3691 6160
Laurie Hunter (Chairman)
Strand Hanson (Nominated & Financial
Adviser) +44 (0) 20
James Spinney / Ritchie Balmer 7409 3494
+44 (0) 20
Beaufort Securities (Sole Broker) 7382 8311
Jon Belliss
Blytheweigh (Financial PR) +44 (0) 20
Halimah Hussain / Megan Ray 7138 3204
-ends
This information is provided by RNS
The company news service from the London Stock Exchange
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