Key Milestones Achieved at Central Lime Project

By: PNG Business News October 09, 2023

Wharf under construction

Mayur Resources Limited is pleased to provide an update on the construction of the Central Lime Project’s (CLP) wharf infrastructure.

Following construction commencing in June 2023, the inner rubble core of the wharf has now largely been completed. Mayur has continued to engage ‘lock step’ with the Regulator on the wharf infrastructure and will continue to do so leading up to the CLP’s broader planned Financial Close and then beyond into full-scale construction. This wharf infrastructure will facilitate early barging operations for the transport of goods and materials and provide the platform to extend the wharf to enable the CLP to take advantage of early cashflow opportunities in 2024, through the sale of high-grade limestone to potential domestic and international customers.

Prioritising the construction of the wharf infrastructure not only enables the opportunity for cash flow to be achieved next year but also sets a platform to optimise the Quicklime kilns’ construction logistics supply chain, shortening parts of the development schedule. Importantly, the creation of the opportunity for early cashflow is intended to occur in parallel with the construction of the quicklime kilns.

The construction update was discussed at the CLP site with Vision Blue (VB) Partners who were in Papua New Guinea (PNG) last week to progress the previously announced US$40 million investment for a 49% stake in the CLP. The VB commercial and technical Partners inspected the construction works completed to date, as well as the on-site areas selected for the delivery of key work packages upon Financial Close. The opportunity was also taken to meet with a range of PNG Ministers and Members of Parliament as well as the Heads of various regulatory bodies.

Mayur’s Managing Director, Paul Mulder, stated:

"We take great satisfaction in the support we have received from the Landowners, the PNG Government and VB on the CLP’s early construction activities. There is a strong focus to create early cashflow opportunities this coming calendar year through initial limestone sales whilst developing the broader CLP.”

“Our accelerated work on the initial stages of the wharf infrastructure, both enables early cash flow opportunities and underpins future supply chain and logistics optimisations.”

“Mayur is also extremely focussed on completion of the overall funding transaction including finalisation of a debt package to achieve Financial Close and shall provide the market with further updates.”

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