§0
What This Means
- ›Carbotura offers a 30-year Build-Own-Operate agreement under which Carbotura funds 100% of construction, owns and operates the ACM facility, and processes the Cayman Islands' manufacturing feedstock streams. The Government of the Cayman Islands (GOCI) commits only a per-ton TMC Fee — no capex, no debt, no operating cost.
- ›GOCI pays $100/ton TMC Fee — structurally below the $163/ton contracted rate in the terminated ReGen project and below the $160/ton FWDC planning basis. This represents an immediate per-ton cost reduction at Phase Initial, before Circular Royalty is considered.
- ›GOCI begins receiving Circular Royalty payments at Month 13 — 13 months after the first TMC Fee payment. The Circular Royalty is designed to exceed the TMC Fee on a per-ton basis at steady state, converting the annual net fiscal position from negative (Year 1) to positive (Year 2 onward).
- ›Three distinct deployment modes address the full feedstock opportunity: central ACM facility (MSW, biosolids, Exogenesis legacy mining); distributed Regenesis Nodes (1–5 TPD resort / hospitality point-source); and Marine Feedstock Agreement (PACI cruise terminal — MARPOL-compliant on-island destination).
- ›The George Town Landfill reaches capacity ~2031. A Feasibility Study authorized by Q1 2027 is the critical-path decision required for Phase Initial COD at Q3 2028 — approximately three years before the current developed capacity limit.
Executive Implications
- Every dollar of disposal cost is currently sunk. Under the current system, $160 spent on disposal returns $0 to GOCI. Under the COA, the same dollar returns $120 in Circular Royalty at Month 13 — and grows annually. The opportunity cost of delay is not zero; it is 13 months of royalty payments foregone per year of postponement.
- The ReGen termination created a structural opening. The $17.7M payout and 7-year negotiation carry no forward value. No competing procurement is active. The procurement window is open — and the landfill runway is narrowing.
- Phase Initial (200 TPD) requires only the DEH MSW stream. No third-party contract negotiation. No PACI agreement. No WAC agreement. One counterparty: GOCI / DEH. The simplest possible first-phase structure is also the most urgent.
§1
Commercial Structure and Decision Window
| Parameter | Carbotura Commitment | GOCI Commitment |
|---|---|---|
| Structure | Build-Own-Operate (BOO) — 30-year COA | Circular Offtake Agreement — feedstock supply commitment |
| Capital | 100% Carbotura-funded construction and operations | Zero capex. Zero construction debt. Zero operating liability. |
| Primary financial obligation | Circular Royalty payments from Month 13 onward | TMC Fee — $100/ton delivered, escalating 2.5%/year |
| Facility ownership | Carbotura SPV for 30-year COA term. No transfer at expiry. | Feedstock supply — no ownership interest required |
| Feedstock obligation | Accept all contracted streams; process to RevCon products | Deliver contracted feedstock volume; maintain collection system |
| Performance standard | 99%+ Total Material Conversion; zero landfill residuals | Feedstock quality compliance (no restricted materials list) |
| Regulatory classification | NAICS 335991/325120/331410 — manufacturing facility; not NAICS 562213/562219 | Standard manufacturing facility permit — Dept. of Planning |
| RevCon product ownership | Carbotura SPV (synthetic graphite, hydrogen, recovered metals, ultrapure water) | Not applicable — feedstock supplier role only |
Decision Window — Q1 2027
A Community Feasibility Study authorization is required by Q1 2027 to maintain the Phase Initial COD of Q3 2028 — approximately three years before the George Town Landfill reaches its current developed capacity limit (~2031). Authorizing after Q1 2027 compresses or eliminates the buffer between Phase Initial operations and the landfill capacity deadline. The feasibility study itself takes approximately 3 months (Q3–Q4 2026 if authorized at T0 = Q3 2026).
§2
Deployment Architecture
§2.1 — Phase Configuration
Phase Initial
200
TPD / 2 modules
Phase Medium
400
TPD / 4 modules
Phase Expanded
600
TPD / 6 modules
Full Build-Out
1,000
TPD / 10 modules
| Phase | TPD | Modules | Annual Feedstock (TPY) | % of Total Addressable | COD (est.) |
|---|---|---|---|---|---|
| Phase Initial | 200 | 2 | 73,000 | 20% | Q3 2028 |
| Phase Medium | 400 | 4 | 146,000 | 40% | Q1 2030 |
| Phase Expanded | 600 | 6 | 219,000 | 60% | Q3 2031 |
| Phase Full Build-Out | 1,000 | 10 | 365,000 | 100% | Q3 2033 |
§2.2 — BOO Capital Structure
$0
Government capex required
$0
Construction debt assumed by GOCI
$0
Operating liability to GOCI
| Capital Item | Phase Initial (200 TPD) | Phase Medium (+200 TPD) | Phase Expanded (+200 TPD) | Full Build-Out (+400 TPD) |
|---|---|---|---|---|
| CapEx — first 100 TPD module | $75.0M (×2 modules) | See incremental below | ||
| CapEx — additional 100 TPD modules | — | 2 × $57.5M = $115.0M | 2 × $57.5M = $115.0M | 4 × $57.5M = $230.0M |
| Total phase CapEx (Carbotura-funded) | $150.0M | $115.0M | $115.0M | $230.0M |
| Cumulative programme CapEx | $150.0M | $265.0M | $380.0M | $610.0M |
| GOCI obligation | TMC Fee per ton delivered only. Zero equity contribution. Zero debt service. | |||
§2.3 — Feedstock Stream Coverage by Phase
| Stream | Phase Initial | Phase Medium | Phase Expanded | Full Build-Out | Access Status |
|---|---|---|---|---|---|
| MSW — Commercial & Residential (DEH) | ✓ Partial (200 TPD of 356) | ✓ Full | ✓ Full | ✓ Full | IMMEDIATE |
| WWTP Biosolids (WAC) | — | ✓ | ✓ | ✓ | CONDITIONAL |
| Marine / Cruise Feedstock (PACI) | — | ✓ | ✓ | ✓ | CONDITIONAL |
| Resort / Regenesis Nodes | — | ✓ | ✓ | ✓ | ACCESSIBLE |
| Exogenesis — Legacy Landfill Mining | — | — | ✓ Supplement | ✓ Full | CONDITIONAL |
| Sister Islands (Cayman Brac + Little Cayman) | — | — | ✓ Optional | ✓ | ACCESSIBLE |
§2.4 — Site Candidate Analysis
Three priority zones identified across the George Town industrial corridor. Coordinates and distances verified April 2026.
Priority 1 Finding — Industrial Park / Landfill Precinct
The Industrial Park zone immediately adjacent to the George Town Landfill (Seymour Drive / Esterly Tibbetts Highway) is the Priority 1 candidate by a significant margin. Co-location with the landfill eliminates feedstock transport entirely for the primary DEH MSW stream (~356 TPD). The Exogenesis mining operation is on-site. Existing industrial infrastructure (Island Waste Carriers, DEH operations, Pure Air industrial gas) confirms heavy-industrial land use precedent. The site is under Government of the Cayman Islands Crown land authority.
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Site Candidates · Grand Cayman
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Sources: Google Places API (coordinates, April 2026); Cayman Islands Dept. of Planning (planning.gov.ky); DEH site data. Distances estimated. Site confirmation is a Feasibility Study deliverable.
| Priority | Zone | Est. Acreage | Zoning | Land Authority | Co-location Advantage | Key Consideration |
|---|---|---|---|---|---|---|
| P1 | Industrial Park / Landfill Precinct | 15–25 acres (available) | Heavy Industrial | GOCI Crown land / DEH | Adjacent to George Town Landfill — zero transport for 356 TPD MSW stream; Exogenesis mining on-site; existing industrial operators confirm land use | Crown land availability and GOCI negotiation; Exogenesis remediation agreement required for legacy mining |
| P2 | Airport Industrial Corridor | 10–18 acres | Industrial / Mixed-use | Cayman Islands Airports Authority / GOCI | ~1.5 km from landfill; direct Roberts Drive access; established industrial precinct; Airports Authority land coordination mechanism | Airports Authority coordination required; airspace and noise planning constraints |
| P3 | North Sound / Godfrey Nixon Way Corridor | 8–12 acres | Industrial | Mixed (private / Crown) | ~2.5 km from landfill; North Sound Road industrial corridor; existing manufacturers confirm heavy industrial precedent; ~1.3 km from WAC WWTP | Private land acquisition or lease required; smaller available acreage; proximity to North Sound marine environment requires environmental assessment |
§2.5 — Phase Initial Feedstock Sufficiency
Phase Initial (200 TPD) is fully supportable from the immediately accessible DEH MSW stream without third-party contract negotiation. The 356 TPD IMMEDIATE-classified MSW stream delivered daily to the George Town Landfill by DEH exceeds Phase Initial requirements by 78%. One Circular Offtake Agreement counterparty (GOCI / DEH) is required at Phase Initial. All other streams (biosolids, marine, resort) remain additive for Phase Medium and beyond.
§3
Economic Structure — TMC Fee
FWDC Planning Basis — ESTIMATED ⚠️
The Facility-Wide Disposal Cost (FWDC) used in this Proposal is $160/ton (ESTIMATED). This is a modeled figure derived from the only publicly disclosed Cayman Islands disposal processing cost benchmark: the $163/ton contracted rate in the terminated ReGen (Dart consortium) agreement (Cayman Compass, April 2021). No active per-ton tipping fee is published by DEH. A Community Feasibility Study will establish the verified FWDC through government budget and contract review. All per-ton comparisons in this document use the $160/ton ESTIMATED basis.
TMC Fee Formula — Carbotura Standard Parameters
TMC Fee ($/ton) = MAX($100, MIN($150, FWDC − $5))Where: Floor = $100/ton | Ceiling = $150/ton | FWDC = $160/ton (ESTIMATED)
→ Applied fee: MAX($100, MIN($150, $155)) = $100/ton (floor applies — fee set at floor)
Annual escalator: 2.5%/year | Carbotura standard parameters
| Phase | Annual Feedstock (TPY) | Year 1 TMC Fee ($/ton) | Year 1 Annual Obligation | Year 2 TMC ($/ton) | Year 10 TMC ($/ton) |
|---|---|---|---|---|---|
| Phase Initial (200 TPD) | 73,000 | $100.00 | $7,300,000 | $102.50 | $128.01 |
| Phase Medium (400 TPD) | 146,000 | $100.00 | $14,600,000 | $102.50 | $128.01 |
| Phase Expanded (600 TPD) | 219,000 | $100.00 | $21,900,000 | $102.50 | $128.01 |
| Full Build-Out (1,000 TPD) | 365,000 | $100.00 | $36,500,000 | $102.50 | $128.01 |
Structural Cost Comparison
The $100/ton TMC Fee is $60/ton below the $160/ton FWDC planning basis and $63/ton below the $163/ton terminated ReGen contract rate. This represents an immediate gross cost displacement before Circular Royalty is factored. At Phase Initial (73,000 TPY), the gross annual avoided disposal cost versus FWDC planning basis is approximately $11.7M/year.
§4
Circular Royalty Structure
Circular Royalty — Contractual Basis (Three Required Declarations)
- Gross cost displacement is quantified separately from Circular Royalty cash flow. Full net fiscal position reflects both.
- At steady state, the Circular Royalty is designed to exceed the TMC Fee on a per-ton basis.
- Circular Royalty payments begin 13 months after corresponding TMC Fee payments and ramp to full run-rate on a rolling basis.
Circular Royalty Formula — Contractual Definition
Royalty(m+13) = TMC(m) × Royalty_Rate(m)Where:
m = month of TMC Fee payment
m+13 = month of corresponding Circular Royalty payment (13-month rolling lag)
Royalty_Rate(m) = 120% in Year 1, escalating +1 percentage point per year
TMC(m) = TMC Fee at month m (base $100/ton, escalating 2.5%/year)
Royalty Parameter Table
| Parameter | Value | Basis |
|---|---|---|
| Circular Royalty base rate | 120% of Year 1 TMC Fee | Carbotura standard COA terms |
| Royalty escalator | +1 percentage point per year | Carbotura standard COA terms |
| Royalty Year 2 (first payment year) | 120% × $100.00 = $120.00/ton | Locked formula |
| Royalty Year 10 | 128% × $124.89 = $159.86/ton | Locked formula |
| Royalty Year 30 | 148% × $199.65 = $295.48/ton | Locked formula |
| Payment lag | 13 months after corresponding TMC Fee payment | Rolling monthly; not annual lump sum |
| Payment structure type | Rolling lagged cash flow | Carbotura standard COA terms |
| COA term | 30 years | Carbotura standard |
| TMC Fee escalator | 2.5% per year compound | Carbotura standard COA terms |
Mandatory Fiscal Period Distinction
| Period | Timing | GOCI Fiscal Position per Ton | Description |
|---|---|---|---|
| Pre-Royalty Period | Months 1–12 after Phase Initial COD (Q3 2028 – Q3 2029 est.) |
−$100.00/ton (TMC only) | GOCI pays TMC Fee; Circular Royalty has not yet begun. This is the sole negative cash flow period under the COA. |
| Royalty Ramp Period | Month 13 to ~Month 24 (Q4 2029 – Q4 2030 est.) |
Growing positive: +$17.50/ton by Month 13 | Rolling royalty payments begin. GOCI receives $120.00/ton Circular Royalty against $102.50/ton TMC Fee. Net position turns positive in Year 2. |
| Steady State | Year 2 onward through Year 30 | +$17.50/ton (Year 2) growing to +$90.84/ton (Year 30) | Circular Royalty exceeds TMC Fee on a per-ton basis in every year. GOCI net position improves annually as royalty escalation outpaces TMC escalation. |
Year-by-Year Cash Flow Summary — Phase Initial (200 TPD / 73,000 TPY)
| Year | TMC Fee/ton | Avoided Disposal (Annual) | TMC Fee Paid (Annual) | Royalty Rate | Royalty Received (Annual) | Surplus (Royalty − TMC) |
|---|---|---|---|---|---|---|
| Year 1 (pre-royalty) | $100.00 | $11.68M | −$7.30M | — | $0 | −$7.30M |
| Year 2 (royalty begins) | $102.50 | $11.68M | −$7.48M | 120% | $8.76M | +$1.28M |
| Year 5 | $110.38 | $11.68M | −$8.06M | 123% | $9.68M | +$1.62M |
| Year 10 | $128.01 | $11.68M | −$9.34M | 128% | $11.68M | +$2.34M |
| Year 20 | $163.86 | $11.68M | −$11.96M | 138% | $15.60M | +$3.64M |
| Year 30 | $204.69 | $11.68M | −$14.94M | 148% | $21.55M | +$6.61M |
| 30-Year Cumulative (Phase Initial) | −$286M | +$354M | +$68M net surplus | |||
Avoided disposal calculated at $160/ton FWDC (ESTIMATED). All figures ESTIMATED. Subject to Feasibility Study verification.
Annual Gross Fiscal Items — Phase Initial (200 TPD / 73,000 TPY)
Three independent gross items shown. Readers derive net position from the chart. No net position line.
Avoided Disposal = 73,000 TPY × $160/ton FWDC (ESTIMATED) · TMC Fee = locked formula · Circular Royalty = locked formula · Years 1–20 shown
§5
Risk Register
| Risk | Key Driver | Who Bears It | Mitigation | Residual |
|---|---|---|---|---|
| FWDC Verification | Current FWDC is ESTIMATED at $160/ton — no verified per-ton rate published | Shared — GOCI (procurement basis); Carbotura (TMC Floor) | Community Feasibility Study establishes verified FWDC via government budget review | Low — TMC Floor ($100) and Ceiling ($150) are hard contract parameters; FWDC variance affects comparison basis only |
| Technology Performance | MCR output quality, uptime, and RevCon product yield | Carbotura SPV — GOCI bears no operating liability | BOO structure; performance bonds; 30-year O&M contract; Carbotura liability for RevCon products | Low to GOCI — zero operating cost exposure |
| Timeline Slippage | Feasibility Study authorization delay; regulatory approvals; construction overruns | Carbotura (construction); GOCI (authorization) | Q1 2027 decision window defined; standard Carbotura deployment schedule applied; Phase Initial timeline allows landfill buffer | Moderate — landfill capacity ~2031 creates hard backstop; each quarter's delay narrows buffer |
| Third-Party Contract Constraints | Phase Medium requires WAC and PACI agreements; resort node agreements | Carbotura (Phase Medium planning); GOCI (facilitator role) | Phase Initial proceeds without any third-party agreements; Phase Medium structures negotiated during Phase Initial ops | Low for Phase Initial; moderate for Phase Medium timeline |
| Competitive Procurement | GOCI may re-procure WTE or alternative processing facility | Carbotura (opportunity risk) | COA exclusivity clause for contracted stream; ReGen history creates structural complexity for competing procurement | Moderate — open procurement window; COA provides institutional lock once executed |
| Exogenesis Permitting | Legacy landfill mining requires GOCI / DEH remediation agreement and environmental approval | Shared — Carbotura (design, permitting); GOCI (site access) | Exogenesis Protocol included in Feasibility Study scope; remediation is GOCI benefit (eliminates liability) | Moderate — novel approval pathway for island jurisdiction; GOCI motivation is strong (liability elimination) |
| PFAS / Emerging Contaminants | Any PFAS regulatory tightening affecting feedstock acceptance | Carbotura (process technology) | MCR achieves complete molecular breakdown of PFAS at 1,200°C+; no residual concern | Very low — MCR mechanistically eliminates PFAS; regulatory direction favors ACM |
| Island Currency / Forex | TMC Fee and Royalty denominated in USD; CI$ peg is 1.22 USD | Minimal — CI$ is pegged to USD; no forex risk | CI$ peg has been maintained continuously; COA denominated in USD | Very low |
§6
Implementation Timeline
| Milestone | Date (est.) | Notes |
|---|---|---|
| T0 — COA Authorization / T0 date | Q3 2026 | Assumed T0; subject to GOCI confirmation |
| Community Feasibility Study — authorization | Q3 2026 | Decision window: no later than Q1 2027 to maintain Phase Initial schedule |
| Community Feasibility Study — complete | Q4 2026 | ~3 months; FWDC verification, site confirmation, stream quantification |
| Phase Initial construction start | Q1 2027 | Post-feasibility; site permitting parallel path |
| Phase Initial COD — 200 TPD | Q3 2028 | T0 + 24 months; first feedstock delivery; pre-royalty period begins |
| First Circular Royalty payment | Q4 2029 | 13 months after Phase Initial COD; rolling monthly royalty commences |
| Phase Medium full operations — 400 TPD | Q1 2030 | Includes WAC biosolids and PACI marine feedstock; T0 + 42 months |
| ⚠️ George Town Landfill hard capacity deadline | ~2031 | Current developed footprint capacity exhausted at ~13,000 cu yd/month intake. Phase Initial operational 3 years ahead of this deadline under current schedule. |
| Phase Expanded full operations — 600 TPD | Q3 2031 | Exogenesis mining supplement commences; T0 + 60 months |
| Phase Full Build-Out — 1,000 TPD | Q3 2033 | Full programme scale; Sister Islands integration |
| COA term end | Q3 2058 | 30-year term from Phase Initial COD |
§7
Community Value Stack
Fiscal Effects — GOCI
| Item | Phase Initial | Phase Medium | Full Build-Out | Source Type |
|---|---|---|---|---|
| Gross cost displacement (TMC vs. FWDC) | $4.38M/year | $8.76M/year | $21.90M/year | ESTIMATED |
| Circular Royalty received (Year 2+) | $8.76M/year (rising) | $17.52M/year (rising) | $43.80M/year (rising) | ESTIMATED |
| Landfill capital avoidance (new site procurement) | ~$60–100M+ (one-time) | — | — | ESTIMATED |
| Exogenesis remediation value (liability elimination) | Not quantified | Not quantified | Not quantified | Feasibility Study deliverable |
| 30-Year net surplus (Phase Initial stream) | +$68M | — | — | ESTIMATED |
All fiscal figures ESTIMATED. Gross cost displacement uses $160/ton FWDC planning basis (ESTIMATED). Subject to Feasibility Study verification.
Regional Economic Effects
| Item | Phase Initial | Phase Medium | Full Build-Out | Source Type |
|---|---|---|---|---|
| Direct permanent FTE | 50 | 100 | 250 | ESTIMATED |
| Indirect / induced jobs | 150 | 300 | 750 | ESTIMATED |
| Annual economic impact (USD) | $16M+ | $32M+ | $80M+ | ESTIMATED |
| Construction employment | ~250 peak | ~450 peak | ~900 peak | ESTIMATED |
| ACM manufacturing classification (NAICS) | Adds manufacturing sector GDP contribution — new to Cayman Islands economic base | LOCKED | ||
Scaled from Carbotura standard 400 TPD baseline parameters. ESTIMATED. Detailed economic impact analysis is a Feasibility Study deliverable.
§8
Why This Works in the Cayman Islands
| # | Alignment Factor | Evidence |
|---|---|---|
| 1 | Volume alignment | ~130,000 TPY (356 TPD) VERIFIED MSW stream fully supports Phase Initial (200 TPD) with 78% surplus capacity. Active streams reach 413 TPD supporting Phase Medium. Exogenesis legacy material provides Phase Expanded+ supplement. Full 1,000 TPD build-out addressable through phased additions. |
| 2 | Infrastructure alignment | Priority 1 site (Industrial Park / Landfill Precinct) is co-located with the George Town Landfill — eliminating feedstock transport cost for the entire primary MSW stream. Existing DEH collection infrastructure requires only destination-change, not system redesign. Island compactness means all feedstock sources are within 10 km. |
| 3 | Contract timing alignment | George Town Landfill reaches developed capacity ~2031 (VERIFIED). Phase Initial COD is Q3 2028 — 3 years ahead of this deadline. First Circular Royalty payment arrives Q4 2029 — before the hard deadline. Phase Expanded (600 TPD) with Exogenesis mining activates at Q3 2031 — coinciding with landfill capacity limit and eliminating the disposal obligation entirely. |
| 4 | Policy alignment | GOCI 10-year National Solid Waste Plan (Minister Ebanks-Wilks, November 2025) explicitly calls for "processing facilities" and acknowledges recycling alone is insufficient. ACM qualifies as the processing facility solution under this framework. The plan allocates ~$8M+ capital for 2025/26 — Feasibility Study is a qualifying expenditure. |
| 5 | Organic mandate and regulatory driver | The landfill capacity deadline is not a projection — it is a parliamentary-stated fact confirmed by two government ministers. No competing procurement is active (ReGen terminated July 2024). MARPOL obligations create a regulatory driver for on-island marine feedstock processing. Little Cayman open burning creates an immediate compliance obligation. |
| 6 | Economics specificity | $100/ton TMC Fee vs. $160/ton FWDC planning basis (ESTIMATED from $163/ton terminated ReGen rate) = $60/ton gross displacement. Circular Royalty of $120/ton begins Month 13, growing to $295/ton by Year 30. No other disposition option offers a return payment on feedstock delivered. The only other pricing benchmark the Cayman Islands government ever accepted was $163/ton — this offer is $63/ton lower at base and returns cash. |
EIR Input Block — State B Values (For EIR Use Only)
All State B values below are locked from this Proposal. EIR must use these values verbatim. Source types propagated.
| Parameter | State B Value | Source Type |
|---|---|---|
| COA structure | 30-year BOO | LOCKED |
| Deployment phases | Initial 200 TPD / Medium 400 TPD / Expanded 600 TPD / Full Build-Out 1,000 TPD | LOCKED |
| TMC Fee base | $100.00/ton | LOCKED |
| TMC Fee escalator | 2.5%/year | LOCKED |
| Circular Royalty base rate | 120% of Year 1 TMC Fee = $120.00/ton | LOCKED |
| Royalty escalator | +1 pp/year | LOCKED |
| Royalty payment lag | 13 months | LOCKED (always) |
| Phase Initial COD | Q3 2028 | ESTIMATED (standard schedule) |
| First Circular Royalty payment | Q4 2029 | ESTIMATED |
| FWDC planning basis | $160/ton | ESTIMATED ⚠️ |
| Year 1 net position/ton | −$100.00 (TMC only; no royalty) | LOCKED formula |
| Year 2 net position/ton | +$17.50 ($120.00 royalty − $102.50 TMC) | LOCKED formula |
| Year 30 net position/ton | +$90.84 | LOCKED formula |
| Phase Initial annual TMC obligation (Year 1) | $7,300,000 | LOCKED (73,000 TPY × $100) |
| Phase Initial Year 2 royalty | $8,760,000 | LOCKED formula |
| Phase Initial 30-yr net surplus | ~+$68M | ESTIMATED |
| Phase Initial direct FTE | 50 | ESTIMATED (Carbotura standard parameters) |
| Phase Full Build-Out direct FTE | 250 | ESTIMATED |
| Phase Full Build-Out annual economic impact | $80M+ | ESTIMATED |
| Landfill hard deadline | ~2031 (VERIFIED) | VERIFIED |
| Priority 1 site | Industrial Park / Landfill Precinct, George Town | CANDIDATE |
| CapEx — Phase Initial | $150M (Carbotura-funded) | ESTIMATED (Carbotura standard CapEx parameters) |
| Accounting standard (SPV Finance) | IFRS | LOCKED (international jurisdiction) |
Appendix A — Data Basis
| Item | Value Used | Source | Source Type |
|---|---|---|---|
| Annual landfill intake (MSW) | ~130,000 TPY (2024) | Cayman Compass, Nov 2025 (Finance Committee) | VERIFIED |
| Landfill capacity deadline | ~2031 | Minister Ebanks-Wilks, Nov 2025; Minister Turner, Parliament 2025 | VERIFIED |
| FWDC planning basis | $160/ton (MODELED) | Derived from terminated ReGen $163/ton contract (Cayman Compass April 2021) | ESTIMATED ⚠️ |
| TMC Fee | $100/ton (formula applied) | Registry §E; formula floor applied | LOCKED |
| Circular Royalty formula | Royalty(m+13) = TMC(m) × Rate(m) | Carbotura standard COA terms | LOCKED |
| CapEx — Phase Initial | $150M (2 × $75M) | Carbotura standard CapEx parameters | ESTIMATED |
| Employment and economic impact | 50 FTE / $16M+ (Phase Initial) | Carbotura standard 400 TPD baseline, scaled | ESTIMATED |
| Site coordinates — P1 | ~19.3025°N, 81.3640°W | Google Places API, April 2026 | CANDIDATE |
Appendix B — Selective Glossary
- TMC Fee (Total Material Conversion Fee)
- The manufacturing service fee paid per ton of manufacturing feedstock delivered to the ACM facility. Cayman Islands: $100/ton, escalating 2.5%/year. This is the community's sole financial obligation under the COA.
- Circular Royalty
- The conversion royalty paid by the ACM facility SPV to the feedstock source, commencing 13 months after corresponding TMC Fee payments. Base rate: 120% of Year 1 TMC Fee/ton; +1pp escalation per year. At steady state, designed to exceed the TMC Fee on a per-ton basis.
- Circular Offtake Agreement (COA)
- The 30-year bilateral contract governing feedstock supply, TMC Fee, Circular Royalty, and performance standards. The complete commercial instrument for the ACM engagement.
- Facility-Wide Disposal Cost (FWDC)
- The total per-ton cost to GOCI of disposing of manufacturing feedstock under the current system. Cayman Islands: $160/ton ESTIMATED (MODELED from terminated ReGen $163/ton benchmark). Subject to Feasibility Study verification.
- Gross Cost Displacement
- The difference between FWDC and TMC Fee — the per-ton saving from switching to ACM before Circular Royalty is considered. Cayman Islands Year 1: $160 − $100 = $60/ton gross displacement (ESTIMATED).
- Net Fiscal Position
- The annual sum of all fiscal effects: avoided disposal cost + TMC Fee paid (negative) + Circular Royalty received. Year 1: negative (no royalty yet). Year 2 onward: positive and growing. Full net position requires all three gross items.
- Pre-Royalty Period
- The 13-month period from first feedstock delivery to first Circular Royalty payment. GOCI net position is negative during this period (TMC Fee only). The pre-royalty period must be explicitly identified in all financial analysis and never blended with steady-state figures.
- Build-Own-Operate (BOO)
- The project delivery structure under which Carbotura funds 100% of construction, owns the ACM facility throughout the COA term, and operates at its own cost and risk. GOCI bears no capex, no construction debt, and no operating liability. The facility is not transferred to GOCI at COA expiry.