What this document isहे दस्तऐवज काय आहे
The quantitative economic case for the State of Maharashtra's CSA + Exogenesis™ commercial structure. Contains royalty mechanics, 30-year projection tables for all three capacity phases, and escalation profile.महाराष्ट्र राज्याच्या CSA + Exogenesis™ रचनेचा परिमाणात्मक आर्थिक आधार. Royalty यंत्रणा, सर्व तीन क्षमता टप्प्यांसाठी ३०-वर्ष अंदाज तक्ते समाविष्ट आहेत.
- The combined Circular Royalty™ and Exogenesis™ Royalty income delivers $956M, $2.39B, or $4.78B over 30 years at 400, 1,000, and 2,000 TPD respectively.
- Circular Royalty™ escalates +1pp/yr and Exogenesis™ Royalty escalates 1%/yr, both from Year 2 — the combined rate grows from $145.25/ton (Year 2) to $328.84/ton (Year 30), widening state income annually without renegotiation.
- Zero state capital is required at any phase. Carbotura finances, builds, and operates under a BOO structure; royalty income begins 13 months after corresponding Beneficiation Fee payment.
Maharashtra CSA + Exogenesis™
This report quantifies the 30-year economic position of the State of Maharashtra under a Circular Supply Agreement (CSA) — Beneficiation Fee (TMC Fee) + Circular Royalty™ — with the Exogenesis™ Royalty add-on stacking alongside it. All figures are in USD.हा अहवाल CSA अंतर्गत महाराष्ट्र राज्याची ३०-वर्ष आर्थिक स्थिती मोजतो, Exogenesis™ Royalty बोनस सोबत जोडलेला. सर्व आकडे USD मध्ये आहेत.
Commercial structure: The CSA — Beneficiation Fee (TMC Fee) + Circular Royalty™ · Standard Take-or-Pay · with the Exogenesis™ Royalty add-on stacking alongside it. Both royalty streams are active once the respective operations commence.
the CSA + Exogenesis™ Royalty
Carbotura offers a single commercial structure: the Circular Supply Agreement (CSA) — Beneficiation Fee (TMC Fee) + Circular Royalty™, with the Exogenesis™ Royalty add-on. This creates two independent, simultaneously-running royalty streams.CSA आणि Exogenesis™ Royalty ही Carbotura ची एकमेव व्यावसायिक रचना आहे. हे दोन स्वतंत्र, एकाच वेळी चालणारे रॉयल्टी प्रवाह तयार करते.
CSA mechanics: Maharashtra pays the per-tonne Beneficiation Fee (TMC Fee) — $100/ton Year 1 (canonical floor, MR §4.1), +2.5%/yr — at the facility gate. Maharashtra receives the Circular Royalty™ (120%+ of the current-year Beneficiation Fee) on all throughput tonnage, commencing 13 months after corresponding Beneficiation Fee payment.
Exogenesis™ Royalty activation: The Exogenesis™ protocol remediates legacy deposit sites — landfills, ash ponds, accumulated industrial deposits — extracting and conditioning material into the Regenesis™ manufacturing workflow. Maharashtra receives the Exogenesis™ Royalty on all tonnage extracted via this protocol, commencing 13 months after corresponding Exogenesis™ extraction begins. Timeline: 3–7 years post Commercial Operations Date (COD) per CSA §4-D.2.
Rate Structure & Escalation
The two royalty streams follow independent rate and escalation mechanics — each has its own commencement trigger and its own escalation clock. The Beneficiation Fee is a separate outflow, never netted against either royalty.दोन्ही रॉयल्टी प्रवाह स्वतंत्र दर आणि वाढ यंत्रणेद्वारे नियंत्रित आहेत — प्रत्येकाचा स्वतःचा प्रारंभ ट्रिगर आहे.
| Parameter | Circular Royalty™ | Exogenesis™ Royalty |
|---|---|---|
| Year 1 Rate | $0.00/ton (pre-royalty ramp) | $25.00/ton |
| Escalation | +1pp/yr from Year 2 (on current-year Beneficiation Fee) | 1%/yr from Year 2 |
| Year 2 Rate | $120.00/ton | $25.25/ton |
| Year 5 Rate | $132.46/ton | $26.02/ton |
| Year 10 Rate | $155.96/ton | $27.34/ton |
| Year 20 Rate | $215.23/ton | $30.20/ton |
| Year 30 Rate | $295.48/ton | $33.36/ton |
| Commencement trigger | 13 months after corresponding Beneficiation Fee payment | 13 months after corresponding Exogenesis™ extraction |
| Basis | Gross input tonnage | Tonnage extracted via Exogenesis™ protocol |
| Combined Year 2 (per ton) | $145.25/ton | |
| Combined Year 30 (per ton) | $328.84/ton | |
Circular Royalty™ formula: Rate(N) = BF(N) × Multiplier(N), where BF(N) = $100 × (1.025)^(N−1) (canonical floor, MR §4.1) and Multiplier(N) = 120% + (N−2) percentage points for N≥2 (0 for N=1, pre-royalty ramp). Exogenesis™ Royalty formula: Rate(N) = $25.00 × (1.01)^(N−1) — Maharashtra-specific negotiated rate, at the CERCLA carve-out floor level per CSA §4-D.2.
Three Capacity Scenarios
Annual throughput is computed at 365 operating days. Phased deployment means Financial Closing occurs per-increment; each phase adds independent royalty volume to the cumulative stream.वार्षिक throughput ३६५ संचालन दिवसांवर गणले जाते. प्रत्येक टप्पा एकत्रित प्रवाहात स्वतंत्र रॉयल्टी खंड जोडतो.
| Phase | TPD | t/yr | Circular Royalty™ Yr 2 | Exo Yr 2 | Combined Yr 2 | Combined Yr 30 | 30-Yr Royalty Total |
|---|---|---|---|---|---|---|---|
| Phase 1 | 400 | 146,000 | $17.52M | $3.69M | $21.21M | $48.01M | $956.3M |
| Phase 2 | 1,000 | 365,000 | $43.80M | $9.22M | $53.02M | $120.03M | $2,390.8M |
| Phase 3 | 2,000 | 730,000 | $87.60M | $18.43M | $106.03M | $240.06M | $4,781.6M |
All figures undiscounted USD. 30-year totals computed from Year 1 through Year 30 inclusive (Circular Royalty™ begins Year 2, 13-month lag from first delivery). Exogenesis™ stream assumed operational for full 30 years (conservative — may commence 3–7 years post-COD). Beneficiation Fee reported separately as a reference outflow, never netted (Separate Transaction Principle, MR §4.8).
Annual Royalty by Phase
Select a capacity phase to view the full year-by-year royalty schedule. All values in USD millions.वर्षानुवर्षे रॉयल्टी वेळापत्रक पाहण्यासाठी क्षमता टप्पा निवडा. सर्व मूल्ये USD दशलक्षांमध्ये.
| Year | Rate/ton | Circular Royalty™ ($M) | Exogenesis™ ($M) | Combined ($M) |
|---|
400 TPD · 146,000 t/yr · Rate(N) = $25.00 × (1.01)^(N−1)
| Year | Rate/ton | Circular Royalty™ ($M) | Exogenesis™ ($M) | Combined ($M) |
|---|
1,000 TPD · 365,000 t/yr · Rate(N) = $25.00 × (1.01)^(N−1)
| Year | Rate/ton | Circular Royalty™ ($M) | Exogenesis™ ($M) | Combined ($M) |
|---|
2,000 TPD · 730,000 t/yr · Rate(N) = $25.00 × (1.01)^(N−1)
Combined Rate Growth 2,000 TPD
Annual combined royalty (Circular Royalty™ + Exogenesis™) at Phase 3 capacity, illustrating the escalation over the 30-year term.Phase 3 क्षमतेवर वार्षिक एकत्रित रॉयल्टी (Circular Royalty™ + Exogenesis™), ३०-वर्ष मुदतीत वाढ दाखवत आहे.
Basis of Preparation
- All monetary figures are USD. No currency conversion applied; INR equivalents not shown.
- Annual throughput computed at 365 operating days (no downtime factor applied — conservative upward bias on royalty; actual subject to COD ramp schedule).
- Beneficiation Fee at $100/ton Year 1 is the canonical floor (MR §4.1) — Maharashtra's estimated FWDC ($9.60–$13.20/ton) sits well below the floor. Circular Royalty™ = 120%+1pp/yr × current-year Beneficiation Fee, per the CSA.
- Exogenesis™ Royalty of $25/ton is Maharashtra's own established rate, at the CERCLA carve-out floor per CSA §4-D.2. This rate applies when statutory remediation frameworks in Maharashtra's jurisdiction create an analogous floor obligation.
- Exogenesis™ escalation formula: Rate(N) = $25.00 × (1.01)^(N−1). Circular Royalty™ escalation formula: Rate(N) = BF(N) × Multiplier(N) — see §2. Year 1 = base rate; Year 2 escalation first applies.
- 30-year totals are undiscounted. NPV at any discount rate is lower; these figures represent gross contractual cash flow.
- Exogenesis™ Royalty stream timing: 13 months after corresponding Exogenesis™ extraction commencement, expected 3–7 years post-COD per CSA §4-D.2. Tables assume the Exogenesis™ stream operational for all 30 years (conservative assumption; actual combined figures may be lower if Exogenesis™ activates in Year 3–7).
- Circular Royalty™ commences 13 months after corresponding Beneficiation Fee payment per CSA royalty trigger clause (effectively Year 2 in this annualized model).
- FP-Caused Government Delay step-down mechanic ($35/ton Exogenesis™ floor during qualifying delay periods) not modelled. See CSA §4-D.2(e).
- Capacity phases are modular: Phase 1 = 400 TPD, Phase 2 adds 600 TPD to reach 1,000 TPD, Phase 3 adds 1,000 TPD to reach 2,000 TPD. Financial Closing is per-increment; each phase is independently financeable.
- Zero state capital commitment is a structural feature of the BOO model, not a projection assumption.