Estrella Resources to use Timor-Leste limestone to help Indonesian nickel industry lift environmental game
The Indonesian nickel industry's rise might have stymied Estrella Resources' efforts in the Goldfields — but now the company will attempt to use its pivot to Timor-Leste to help reduce the damaging environmental impact of nickel refining in Indonesia.
Estrella will do this by selling limestone from its concessions in Timor-Leste to 'well-established' Indonesian mining services company PT Raka Energi Mandri, which will seek to on-sell the product in the huge South-East Asian country.
The glut of cheaply produced nickel from Indonesia has sunk the WA industry, with Estrella — which has the Boyd-Carr project north of Kalgoorlie-Boulder on care and maintenance — among the many companies seeking other opportunities.
In Estrella's case, it became the first company to acquire mineral exploration licences in the small nation of Timor-Leste to the north of Australia following that country's inaugural minerals tender in 2023.
Estrella is looking for manganese — but says it has also found limestone overlaying and surrounding the manganese mineralisation.
And, says the company's managing director Chris Daws, limestone has the ability to improve the environmental impact of nickel refining, primarily as an acid neutralisation agent.
Estrella on Wednesday announced its 'master agreement' with PT Raka Energi Mandri.
The Australian company said the agreement provided the framework for Estrella and Raka Energi Mandri to negotiate and enter into an offtake agreement to more fully document the terms upon which REM would have the exclusive right to buy limestone, including the agreed annual sale price.
The partnership would target sales of up to 500 million dry metric tonnes of limestone over five years from the first shipment.
'REM will be entitled to unlisted share options exercisable at $0.05 each as consideration for successfully facilitating limestone sales over this five-year period,' Estrella said.
'Estrella will — subject to shareholder approval — grant REM one unlisted share option exercisable at $0.05 for each tonne of limestone that is ordered and paid, representing a total of up to 500 million unlisted share options exercisable at $0.05 each in the event REM achieves the sales target.'
Estrella said all this was subject to it achieving several development milestones, including a JORC-compliant resource and completion of a scoping study by the final quarter of this year.
Mr Daws spruiked the agreement as a 'transformational moment' for Estrella.
'(It is) a major step forward in building a long-term commercial pathway from limestone production from our Timor-Leste projects, alongside our existing manganese exploration,' he said.
'Partnering with a well-connected local group like REM gives us a strong advantage in accessing the South-East Asian market.
'We anticipate this market to be advantageous for a number of years, given the substantial rise of nickel mining in Indonesia and limestone's ability to improve the environmental impact of refining, primarily as an acid neutralisation agent.
'The structure of this deal ensures we're aligned on performance — REM will share in the upside if they hit our sales targets, and we'll unlock real value for shareholders along the way.
'This agreement positions Estrella to become a leading supplier of high-quality limestone into a growing market, and we look forward to building a strong, long-term relationship with REM as we move toward first shipment and beyond.'
REM director Gregory Dhana N said the company looked forward to working with Estrella to provide a solution to help clean up the mining industry and the environmental problems that had arisen as a result of the huge demand for minerals used in the electric vehicle revolution.
'We also see many other opportunities that we can work collectively together with Estrella, Timor-Leste and Indonesia to provide a cleaner, more environmentally friendly mining industry and better future for our children,' he said.
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MORE: Everything Hyundai MORE: How Hyundai Australia's new boss plans to reverse Korean brand's sales slide Content originally sourced from:
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