You're right to focus on logistics — it will be central to the viability of any large-scale resource play, once this is definded as a feasible resource/resources play, especially when you’re talking about potential limestone exports up to 100 million DMT per annum, plus high-grade manganese. But what’s becoming increasingly clear is that serious players are already positioning early — and with good reason.
WMA Holding FZCO (World Metals & Alloys) is widely recognised as the world’s largest independent shipper and trader of manganese ore. Their supply chain spans the globe — shipping into India, China, Brazil, and the US — and they’re deeply embedded in ferro-alloy production through affiliated plants in India.
WMA’s involvement in ESR is not casual. They’ve accumulated shares on-market and went on to fund the current drill campaign via New Dawn Energy Services Ltd — a related company — at a premium placement of 3c. That’s not just capital — that’s strategic entry ahead of a potential resource definition.
Further strengthening this position, Chris Daws has publicly confirmed that WMA are involved in offtake discussions, despite only 8m of drilling completed so far. When offtake is being negotiated at this stage — and by the world's largest manganese shipper — it speaks volumes about what's believed to be underfoot in Timor-Leste.
Raka, meanwhile, is a subsidiary of a much larger Indonesian industrial group with extensive experience in coal mine logistics and commodity supply chains throughout Southeast Asia. Two private reports I’ve acquired link Raka directly to a parent company involved in coal extraction and bulk transport — giving them both the motivation and infrastructure to scale limestone supply, should the resource prove out.
On infrastructure — Com Port may appear run-down, but it’s already been flagged multiple times by Daws as a viable starting point for exports. Its location, around 30km from Ira Miri and Sica, gives it short-term value, particularly if initial upgrades or barge loading operations can be implemented quickly. That said, a purpose-built port or anchored deepwater transfer point with a conveyor from mine to coast could prove far more efficient long-term.
In summary:
Both WMA and Raka are circling early — one a global manganese powerhouse, the other backed by deep Southeast Asian coal logistics infrastructure. These aren’t speculative punts. This is strategic positioning to secure future supply before the full picture is even drilled out. And with only 8m drilled so far, that kind of early movement says a lot about the scale of what may lie beneath Ira Miri.
The real test now is whether ESR’s rigs are fit for purpose — because this is the dry season, and the window is open.
ESR Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
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