Mayur Resources has secured a $US155 million ($241 million) funding package for its flagship Central Lime Project (CLP) in PNG.
The CLP will be the cornerstone of PNG’s first downstream manufacturing processing hub, displacing 100 per cent of the country’s imported lime products and making it a major exporter of lime in the Australasian region.
CLP is set to boost domestic manufacturing and green metals processing, with lime being a critical input in the processing of green-facing metals amongst a multitude of other industrial uses.
Mayur secured the funds from Appian Capital Advisory, which will join the $US40 million ($61.9 million) invested in the project by Vision Blue Resources. The combined investments will fully fund the CLP.
“Today marks the key funding milestone in delivering the CLP, which will be a transformative development for Papua New Guinea’s landowners, Central Province and the broader manufacturing sector,” Mayur managing director Paul Mulder said.
“As the nation’s inaugural industrial downstream manufacturing processing hub, the CLP will create hundreds of jobs and materially contribute to the clean energy transition by providing a key input to the processing of energy transition metals in the region.”
Mayur is aiming to achieve an annual base case nameplate production capacity of 400,000 tonnes, with further expansion in the pipeline. First quicklime production is expected to begin 18 months after the financial close of Appian’s investment.
PNG Prime Minister and Treasurer James Marape welcomed the project, which he said will be “transformative” for the region.
“I am happy to hear that Mayur Resources has secured the K540 million funding to complete the Central Lime Project, and that the project has the potential to create hundreds of new jobs, support service businesses, electricity, roads, education and health facilities for landowners,” he said.
“It promises to be a transformative development for Central Province landowners and the broader manufacturing sector.”
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