Mayur Resources has secured a financing package of $10 million to go toward advancing the works at its Central lime project (CLP).
The funds will primarily be used to complete the wharf at the site so that Mayur can generate early cashflow next year.
“We are encouraged by the funding support we continue to receive from capital markets for our advanced portfolio of downstream processing industrial projects,” Mayur managing director Paul Mulder said.
“This funding will largely be used to continue progressing the pioneering works of our CLP which paves the way for full scale construction to commence as soon as previously outlined pre-conditions are satisfied and our project debt financing is finalised – milestones we are rapidly approaching.”
The key terms of the loan include a 12-month term and an interest rate of 15 per cent per annum. Mayur is expected to settlement to occur on November 10.
The financing follows Mayur’s partnership with Vision Blue (VB), announced in October.
“We take great satisfaction in the support we have received from the Landowners, the PNG Government and VB on the CLP’s early construction activities,” Mulder said.
“There is a strong focus to create early cashflow opportunities this coming calendar year through initial limestone sales whilst developing the broader CLP.”
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