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The Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, witnessed the signing of a shareholder agreement between Murak Rai Timor Empresa Pública (MRT, EP) and Estrella Resources for the exploration of three mining areas in the city of Rautem. The signing ceremony took place on June 27, 2024 at the Timor Square in Dili. 
José Manuel Gonçalves, president of MRT, EP, stressed that the agreement is the result of extensive discussions since November 2023. The signing of the Terms of Reference guided the entire process, culminating in this shareholders’ agreement.
Estrella Resources managing director Chris Daws expressed optimism about the partnership and said initial investigations showed positive potential in the mineral sector. 
The agreement provides for the establishment of a joint venture company, with Murak Rai Timor holding 30% and Estrella Resources holding 70%. The government will not fund exploration activities, which include the identification, evaluation, interpretation and quantification of mineral reserves in the three blocks of Ratem. MRT and EP are committed to continue supporting future exploration activities, given that the national metal resources are proven to be viable. 
Minister Francisco da Costa Monteiro congratulated the parties on the agreement, stressing that it will support greater efforts to explore the country’s mineral resources, contributing to economic development and job creation while reducing dependence on revenues from the oil sector.
The Minister also stressed that the agreement marks the initial phase of future activities and will help Timorese acquire new skills in technologies related to mineral exploration.
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