Developer working with landowners to register land

The National Business

By PETER ESILA
FOLLOWING the grant of the Special Economic Zone (SEZ) in September last year, Mayur Resources is working with landowners on opportunities to realise the value for their land through state lease, an official says.
Chief operating officer Trent Alexander said this would ensure landowners had ownership, control and the final say on the type of industry, if any, was to be established on their land.
“Whilst the cement and lime manufacturing project acts as the sponsor project that has enabled this concept to be set up under this initiative, once the land is appropriately registered with the landowners being registered as their state lease, this will provide certainty to investors and banks that are considering participation in the establishment of new businesses within the SEZ,” he said.
Alexander said Mayur was proposing a totally transparent multi-tier structure so landowners benefited at all levels, with an entitlement regime as follows:

  • RIGHT to establish their own businesses;
  • LAND rental from third party businesses that landowners have agreed can establish on their land inside the SEZ;
  • OPPORTUNITY for equity participation in these third party businesses;
  • FIXED and guaranteed direct employment in construction and operations within these third party businesses; and,
  • AGREED landowner company contracts to support these third party businesses.

Alexander said the response from businesses and investors looking at involvement in the SEZ area had been positive.
“In part, their attraction has been due to the fiscal incentives offered within this SEZ and being close to a private port, access to power, water as well as the current and future LNG operations.
“Mayur is continuing to work on project financing with potential investors and debt financiers to achieve Financial Investment Decision (FID) for the Central Cement and Lime project which will lead to the award of the various construction contracts that are in negotiation.
Mayur is also continuing discussions with various shipping agencies and customers already announced regarding the purchase of the lime and cement from the project,” he said.