Public Company Murak Rai Timor Signs Agreement with Estrella Resources to Explore Three Mineral Blocks in Lautém
The Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, witnessed the signing of a shareholders' agreement between Murak Rai Timor Empresa Pública (MRT, E.P.) and Estrella Resources for the exploration of three mineral blocks in the Municipality of Lautém. The signing ceremony occurred on June 27th, 2024, at the Timor Plaza in Dili. 
The Chairman of MRT, E.P., José Manuel Gonçalves, emphasised that this agreement resulted from extensive discussions since November 2023. The signing of the terms of reference guided the process, culminating in this shareholders' agreement.
Chris Daws, Managing Director of Estrella Resources, expressed optimism about this collaboration, saying preliminary studies show positive potential in the mineral fields.
The agreement provides for the establishment of a joint venture company, with Murak Rai Timor holding 30 percent of the shares and Estrella Resources 70 percent. The Government will not finance the exploration activities, which will include the identification, evaluation, interpretation, and quantification of the mineral reserves in the three blocks in Lautém. Importantly, MRT, E.P. is committed to continuing to support future exploration activities, demonstrating our dedication to the viability of our national metal resources. 
Minister Francisco da Costa Monteiro congratulated both parties on the agreement, emphasising that it will support intensified efforts to exploit national mineral resources, contribute to economic development and job creation, and reduce dependence on revenues from the oil sector.
The Minister also emphasised that the agreement marks an initial phase for future activities and will help the Timorese acquire new skills in technologies related to mineral exploration.
