Mayur Resources has finalised the funding on the Orokolo Bay mineral sands project in Gulf Province, further diversifying its portfolio in PNG.
Mayur and its partners in the project have executed a series of legally binding contractual agreements with PT SEA First Nickel Industry (PTSFNI) to cover the full funding of the Orokolo Bay project, including the construction and operation.
PTSFNI will be given a 51 per cent stake in the project and has also taken a 9.9 per cent strategic stake in Mayur Resources.
“I am excited in realising the vision of Mayur’s management after a decade of hard work being the first of our five mineral sands licences we have been developing,” Mayur chairman Richard Pegum said.
“The arrangement is such that landowners and local communities will receive material employment directly coupled with the establishment of additional support service businesses.”
PTSFNI president James Chen said the company had been looking into PNG for several years and have been wanting to partner with a strong company.
“Mayur have demonstrated their capability to originate and bring greenfield projects through the development cycle to the construction ready stage where we can now get involved in a significant way,” Chen said.
“We feel Mayur and its key management are highly aligned and wish to put our name alongside them as partners and shareholders.”
Mayur also owns the Central lime project in Central Province.
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