Ann: Transformational Partnership to drive Timor-Leste Projects, page-10

The best bit!

REM won’t get a single share unless they deliver. The 500 million options are tied directly to 500 million tonnes sold — not promised, not planned, but executed. Estrella’s made sure performance is the currency. REM will have to work for every tonne, and they wouldn’t have signed unless serious buyers were already lined up.

This limestone sits right on top of the manganese. It had to be removed anyway — now it becomes revenue instead of waste.

Let’s talk dry metric tonnes (DMT). Limestone density averages around 1.6–2.0 tonnes per cubic metre, depending on compaction. That means:

* 10 m³ ≈ 16–20 DMT

* 20 m³ ≈ 32–40 DMT

* 30 m³ ≈ 48–60 DMT

Now to the profit:

At just $10 tonne and a conservative 20% net margin, that’s $1 billion profit on 500 million tonnes.

Even at 10%, you’re still looking at $500 million.

Compare that with US-based limestone companies like USLM — they pull 35%+ margins. And Timor-Leste’s location right next to Indonesia makes logistics far cheaper. Lower freight, high demand, and a product they had to move anyway.