Media ReleaseToday, March 10th , 2020 the Autoridade Nacional do Petróleo e Minerais (“ANPM”) on behalf of the Ministry of Petroleum and Minerals, signed a Marble Exploration Agreement with Uma Marble Timor Lda (UMT), following ministerial decision issued by the Acting Minister for Petroleum and Mineral His Excellency Hermenegildo Pereira. This is the second marble exploration agreement signed in 2020 with the objective to assess marble resources potential for commercial development in a dedicated area in Municipio Manatuto, Administrative Post Laclo, Suco Uma Kaduak for a period of one year with option for one year extension. During the exploration period, UMT will carry out various technical works determine both quality and quantity of the marble before reporting commercial feasibility of developing the marble resources to the ANPM at the end of the exploration period. Upon success of the exploration work, the Government can elect to participate in the investment to develop and market the marble resources with the view of retaining optimum value from the development of these resources. As part of the exploration work commitment, UMT commits to provide reasonable number of employment opportunities to the locals around the exploration site during the exploration period. The employment number is expected to increase further during development and operations of the marble quarry in the future.
The ANPM, on behalf of the Ministry of Petroleum and Minerals looks forward to work with UMT in delivering the exploration work commitment under the Marble Exploration Agreement safely and in timely manner.####