Iron Fortune Pty Ltd

On 30th November 2023, the Ministry of Petroleum and Mineral Resources through the Autoridade Nacional dos Minerais announced the TL Minerals Tender 2023 results in Hotel Timor. The event was participated by Member of Government, Veterans, High-ranking F-FDTL, High-ranking PNTL, Diplomatic Corps, Municipal Authorities, bidders, and other stakeholders including media. To reach this milestone, there have been rigorous processes. Firstly, the Government of the Democratic Republic of Timor-Leste’s approval for Opening of the Areas for Mining Activity and Term of Reference for public tender for the award of exploration and Mineral Rights for [metallic minerals, gemstones, industrial minerals, radioactive minerals, rare earth, and coal] after presentation from the Ministry of Petroleum and Minerals and the Regulatory Authority on 23rd of February 2023. Secondly, launching of licensing round for mineral exploration on 20th March 2023, which forty-nine (49) concession areas were opened for public tender covering a total surface area of 2,276 square kilometres. Thirdly, a total of fourteen (14) companies submitted their pre-qualification documents following strict approved pre-qualification guidelines. From the submitted documents, nine (9) companies were pre-qualified for the bidding. These 9 companies are consisted of Beacon Minerals Ltd, Iron Fortune Pty Ltd, Estrella Resources Ltd, Nisarg Ispat Pvt Ltd, PT Danmar Explorindo, Peak Everest Mining Lda, Tech Minerals Pty Ltd, Timor Resources Holding Pty Ltd, and CMTL, S.A., registered nationally and internationally. Upon the deadline on 9th October 2023, only six (6) bidding documents were received. The bidding documents submission were from Beacon Minerals Limited, CMTL SA, Iron Fortune Pty Ltd, Estrella Resources Limited, Peak Everest Mining Lda, and Tech Minerals Pty Ltd. According to Decree-Law No. 64/2023, 6th September CMTL, S.A will undergo liquidation. Hence it was decided to discontinue to the bidding application from the CMTL S.A. Based on the bidding documents assessment results, four (4) companies are viewed to have met the minimum requirements as set forth under the ToR and the subsequent assessment matrix. While one (1) company was unable to fulfill one of the critical requirements as set forth under the approved Term of References (ToR). In conclusion, out of the 49 concession areas opened for tender process, thirteen (13) concession areas are awarded to the 4 successful bidders. The 4 successful bidders are Estrella Resources Limited with 3 concession areas namely MEL2023-CA-ZA001, MEL2023-CA-ZA002, and MEL2023-CA-ZA003. Peak Everest Mining Lda with only one (1) concession area – MEL2023-CA-ZA004. 6 concession areas such as MEL2023-CA-ZB003, MEL2023-CA-ZB004, MEL2023-CA-ZB005, MEL2023-CA-ZB006, MEL2023-CA-ZB007, and MEL2023-CA-ZB008 are awarded to Beacon Minerals Limited. Iron Fortune Pty Ltd with 3 concession areas including MEL2023-CA-ZB002, MEL2023-CA-ZG004, and MEL2023-CA-ZG007. END.