Name of the Project
Central lime project (CLP).

Location
About 25 km north of the national capital, Port Moresby, in Papua New Guinea (PNG).

Project Owner/s
Mayur Resources.

Project Description
The CLP will be Asia Pacific’s first carbon-neutral quicklime, clinker and cement project for supply to PNG, Australia and the South Pacific at much lower cost than Asian exporters.

The project is aiming for a base case nameplate production capacity of 400 000 t and will be developed in two phases.

Phase 1 will involve the construction of the quicklime plant, which will have a capacity of  600 000 t/y of quicklime and 700 000 t/y of limestone.

Phase 2 will involve the development of clinker and cement facilities producing 820 000 t/y 
and 900 000 t/y respectively.

Opportunities exist for future expansion.

Potential Job Creation
The project is expected to provide employment opportunities for at least 1 000 people.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Mayur Resources executed definitive debt financing agreements with Appian Capital Advisory for about $115-million in April 2024. This financing, combined with Vision Blue Resources’ (VBR’s) proposed equity investment in the project of $40-million, announced in November 2023, will result in the project being fully funded.

Planned Start/End Date
Construction of the CLP started in mid-2023.

Latest Developments
Following the termination of an investment agreement between Mayur Resources and VBR for the CLP, the developer announced a new potential financing transaction on June 25.

The company signed a nonbinding exclusive term sheet with global investor ACAM for a proposed $50-million investment.

This will replace the $40-million in funding that VBR would have invested for a 49% equity share in the CLP.

Mayur also announced a A$5-million placement to existing sophisticated investors to fund Stage 2 and part of Stage 3 wharf facilities for CLP. This will provide the CLP with commercial-scale wharf infrastructure, enabling opportunity for early cashflow opportunities from raw limestone production in 2024.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Mayur Resources, tel +61 7 3157 4400 or email info@mayurresources.com.