Pacific Lime and Cement (formerly Mayur Resources) will proceed with development of its Central Lime project, after the company’s board approved the final investment decision (FID) this week.
The decision was made on the basis of a strategic redesign, which reduced the upfront capital required. The project will now be fully funded from existing cash reserves.
The amended project plan also included strengthened landowner and community benefits. Close to 2.73 million kina ($US658,000) has already been presented to the Kido and Rearea landowner companies, reinforcing strong local support for the project. The Central Provincial government has also granted a further 1 million kina ($US241,000).
The FID was announced on August 4 at a ceremony in Kido Village. Pacific Lime and Cement managing director Paul Mulder shared the stage with PNG prime minister James Marape to launch the project, with Marape hailing the project as a “game-changer” for Papua New Guinea (PNG).
“This project is a significant investment that will provide a substantial boost to our economy and demonstrate our commitment to industrial development,” he said.
“(It) will create over 1000 direct and indirect employment opportunities, replace imported materials with locally produced quicklime and cement, and contribute significantly to government revenues through taxes and royalties.”
Mulder said the FID marked a pivotal point in Pacific Lime and Cement’s journey to becoming a regionally significant supplier of lime and cement.
“This decision reflects our confidence in the project’s robust economics, strong market demand and strategic positioning, and the high-level support we have received in both government and in the community of PNG,” he said.
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