ACAM has completed its due diligence process, bringing it one step closer to investing $US50 million ($75.8 million) in Mayur Resources and its subsidiaries.
The process has taken the better part of six weeks, with ACAM also reviewing the technical and commercial information and finding it to meet its standards and expectations.
A stake in the company has also been agreed upon, with ACAM to purchase a 29.9 per cent stake in Mayur if the investment is realised.
“We are pleased with the material progress made during the exclusivity period, particularly regarding the quality of the technical and commercial data reviewed during our due diligence,” S&F Investment Advisors’ Ross McCormick said.
“We remain excited about the opportunities that lie ahead with Mayur. The continued strong support from the PNG Government for downstream processing reinforces our confidence in this partnership.”
ACAM and Mayur are currently in talks about an additional equity stake in the Central Lime Project for a total investment of $US50 million.
“We are pleased with the progress made with ACAM,” Mayur managing director Paul Mulder said. “Should this transaction be completed, ACAM or an affiliate will become the largest single shareholder in Mayur and the second largest investor in the Central Lime Project.
“We are taking the necessary care and time to ensure all considerations are appropriately addressed. We remain confident that the attributes of this project will result in the successful conclusion of this process.”
Subscribe to PNG Mining and receive the latest news on product announcements, industry developments, commodities and more.
