Tirupati MC does seem insane, but the company has been going through internal (corporate governance and capitalisation) issues from what I have read. It's hardly fair to generalise and assume its a jurisdictional issue. Sure, the Mada Govt needs to continue getting its (mining) act together. Capital constraints on a national level will ease as the WB incentivises mining projects in the country with major infrastructure funding and support.
Rep, there has been raft of issues impacting Tirupati operations over the last few years from a bottleneck phase and a cyclone interrupting operations. Costs are up and graphite prices are down. So, whilst the economics have been against them, production has now increased and sales are apparently up which have yet to be factored in. They also acquired the graphite deposit in Mozambique not that long ago. VAT reimbursement from both govts is not helping. And, then to top it off, the company has undergone a big SH backlash. So, it's not a "Madagascar discount". Nextsource is now starting to hit it strides and its MCap is way higher than Tirupati's.
How far progressed Tirupati is with downstream projects may also be a factor here. It's easy to latch onto any negative and make a narrative of it at this time of year and make it stick. I hope that's not what is happening here... isn't our SP low enough?
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