Total Graphite shares fall as halts operations at Vatomina, Madagascar
Total Graphite PLC on Friday announced a temporary halt to its production at its Vatomina project in Madagascar.
Total Graphite shares fell 21% to 0.83 pence each on Friday afternoon in London.
The specialist flake graphite supplier, formerly called Tirupati Graphite PLC, said it concluded that additional geological information is required to refine mine planning and optimise future production.
This follows several months of operating experiences and an independent technical review.
The company expects the drilling programme to complete during the fourth quarter of 2026.
Total Graphite said: "The drilling programme at Vatomina is already underway to increase the confidence level of the current resources and expand the resource base, with five diamond drill holes completed to date. The programme is designed to support an updated mine plan and optimise future mining operations. Assay results from our on-site lab will be published at intervals in due course, and the company anticipates announcing drilling results on a regular basis going forward."
Chair Christian Dennis said: "The board has taken the decision to temporarily pause production at Vatomina because we believe completing this optimisation programme now will create significantly greater long-term shareholder value than simply continuing to operate before identified improvements are implemented. The operational restart has provided invaluable practical experience and significantly improved our understanding of the geology, mining methods and operational requirements at Vatomina. This has enabled the board to identify the work required to optimise the operation before resuming production."
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