Firm applies for lease after announcement of ore reserve
Mayur Resources says the announcement of a maiden ore reserve at its Orokolo Bay industrial sands project in Gulf has enabled it to progress towards a feasibility study, submission of a mining lease application and complete construction of the pilot plant.
Mayur’s industrial minerals portfolio includes the industrial sands project that encompasses fine grain construction sands, vanadium titano magnetite (iron sands), zircon and other valuable heavy minerals.
According to the company’s report released recently, the Australian listed company also looks forward to announcing an update to its resources at Depot Creek coal project for future supply to its proposed 52.5MW Enviro Energy Park in Lae, Morobe, which would be an integrated, solar, biomass woodchip, and coal plant but with the capability also to be dual fuel with gas.
“We also continue to work with key ministers and their teams to endorse our proposed PPA (power purchase agreement),” the company noted in the report.
“Endorsement and signing of the PPA are key steps to enable this project to achieve FID (final investment decision) and progress to operations assisting PNG to achieve its electrification target of 70 per cent and drastically lower costs, increase reliability, provide domestic energy security and redundancy in events such as natural disasters.
“Despite the impact of the Covid-19 control measures Mayur remains confident about its discussions with short listed global strategic investors seeking a stake in the CCL (central, cement and lime) project while interest continues to build from lime customers in Australia seeking lower-cost higher quality supply.
“Like most other companies, Mayur’s activities for the (June) quarter continue to be impacted by Covid-19 control measures in some form or another.
“Nonetheless positive dialogue is continuing with various PNG stakeholders, investors and potential investors for our key projects, together with routine site activity in PNG.
“The award of a mining lease for our flagship Central Cement and Limestone Project is in view and would represent a great achievement for the company.”
The mining lease application is being assessed by the Mining Advisory Council and progressing through the final stages of the statutory process.
Mayur’s power generation platform involves the development of new multi-fuel power generation facilities that will deliver much-needed cleaner, more reliable and affordable power for PNG. The CCL project involves the development of large scale, high grade lime deposits together with downstream vertical integration opportunities for quicklime, clinker and cement.