Prime Minister and Treasurer, James Marape, expressed his warm welcome to Mayur Resources Ltd for securing US$155 million (K540 million) to finalize the Central Lime Project (CLP) in Kido, Central Province. The announcement was made by Mayur Resources to the Australian Stock Exchange (ASX), signaling a significant milestone in Papua New Guinea’s downstream manufacturing sector.
“I am pleased to hear that Mayur Resources has secured the K540 million funding to complete the Central Lime Project, which has the potential to generate hundreds of new jobs, support service businesses, and contribute to infrastructure development in Central Province,” Prime Minister Marape stated in a media release.
He emphasized the transformative impact the project would have on Central Province landowners and the broader manufacturing sector, marking a crucial step towards reducing PNG’s reliance on imported lime products.
The Prime Minister extended his gratitude to Appian Capital Advisory LLP for providing approximately US$115 million in debt financing to Mayur Resources, along with Vision Blue Resources’ equity investment of US$40 million announced in November 2023. This funding ensures the full realization of the Central Lime Project’s potential.
“The funding will cover construction costs to achieve an annual production capacity of 400,000 tonnes, with provisions for future expansion,” Prime Minister Marape explained. “We anticipate the commencement of quicklime production within 18 months.”
Highlighting the significance of the Central Lime Project, Prime Minister Marape underscored his government’s commitment to supporting downstream processing and attracting investment into PNG’s first Single Factory Special Economic Zone (SEZ).
“The establishment of CLP aligns with our vision for SEZs, showcasing PNG’s competitiveness on the global stage,” Prime Minister Marape affirmed. “This support sets the stage for PNG to compete with Southeast Asian SEZs, attracting investment and fostering economic growth.”
The Central Lime Project represents a pivotal opportunity for Papua New Guinea to leverage its natural resources and strategic location, creating a pathway towards sustainable economic development and industrial diversification. Prime Minister Marape expressed confidence in the project’s success and its positive impact on the nation’s prosperity.