Mayur makes new plans for PNG project following VBR investment cancellation
Following the termination of an investment agreement between Mayur Resources and Vision Blue Resources (VBR) for the Central Lime Project (CLP), the developer on Tuesday announced a new potential $50-million financing transaction.
The ASX-listed 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 Mick Davis’ 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 MRL’s CLP, located in the Central province of PNG. This will provide the CLP with commercial-scale wharf infrastructure, enabling opportunity for early cashflow opportunities in calendar year 2024 from raw limestone production.
“We are extremely pleased to have entered this arrangement with ACAM LP, which represents a transformational investment for MRL. ACAM’s proposed investment will enable MRL to push ahead with our mission of developing mineral projects that deliver higher quality, lower cost, inputs for the mining and construction industries,” said chairperson Richard Pegum.
CLP will create hundreds of jobs while having capacity to replace all of Papua New Guinea’s current imports of lime valued at about K$100-million (A$42.8-million) a year, and service the broader Asia Pacific region. Over time, the CLP will form the core of Papua New Guinea’s first downstream processing resource manufacturing hub.
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