Mayur secures funding for Central Lime Project

Mayur Resources Limited has successfully secured US$155 million, about K570 million in combined debt and equity funding to advance its Central Lime Project (CLP) in Papua New Guinea.

This financing marks a significant milestone for the region's manufacturing and green metals processing industries.

The project's funding strategy includes approximately US$115 million in senior secured loans and royalty financing provided by Appian Capital Advisory LLP. Additionally, Vision Blue Resources has committed US$40 million in equity investment, which grants them a 49% stake in the CLP, with Mayur retaining the majority share.

Managing Director of Mayur Resources Paul Mulder emphasized the transformative impact of the CLP, stating it would generate numerous jobs and support ancillary businesses, including electricity, roads, and educational facilities. The project is expected to not only catalyze economic growth but also address the lack of basic services and isolation experienced by local landowners.

Appian’s CEO & Founder, Michael W. Scherb, highlighted the strategic significance of the CLP, noting its potential to produce low-cost lime products essential for metal processing. The project is strategically located near major developments, including the US$19 billion PNG LNG facility and the US$10+ billion Papua LNG development, which positions it as a pivotal player in the Asia-Pacific market.

Construction began in mid-2023, starting with wharf infrastructure to optimize logistics. This early start is projected to generate preliminary revenues through the sale of raw limestone aggregate. With the final financial close expected soon, the project is on track to commence its first quicklime production within 18 months, aiming to replace all of PNG's lime imports and serve the broader APAC region.

This development is also poised to establish the first downstream manufacturing processing hub in PNG, transforming the landscape of industrial activity and economic development in the region.

Author: 
Loop Author