Mayur Resources is looking to new partnerships for its Orokolo Bay vanadium-titanium-iron sands project.
The news comes after PT SEA First Nickel Industry (PTSFNI), Mayur’s current project partner, requested to put its funding obligations on hold due to the current downturned nickel trend.
PTSFNI will continue its cooperation with Mayur if the nickel forecast changes, and has agreed that Mayur can transact with other development partners in relation to Orokolo Bay.
“Subject to PTSFNI’s financial situation improving and the potential resumption of its paused projects, Mayur has the opportunity to re-engage with PTSFNI on similar terms previously announced in the absence of other development partners in respect of Orokolo Bay,” Mayur said in a statement.
“While the Orokolo Bay project is an attractive asset, and the Mayur board is disappointed at these developments, Mayur purposely embarked upon a structure to bring in a 51 per cent majority controlling strategic investor, as the asset is viewed as a non-core asset.”
Mayur confirmed that its focus would remain on becoming a carbon-neutral downstream processing lime and cement manufacturing business.
The company first announced its partnership with PTSFNI in January this year.
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