Photo by: Mayur Resources
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.