Mayur and Santos extend arrangement on carbon projects

MAYUR Resources Ltd (Mayur) and Santos Ventures Pty Ltd (Santos), a subsidiary of Santos Ltd, have extended their exclusivity arrangements to jointly develop a portfolio of nature-based carbon offset projects in the country (carbon projects).
According to Mayur, the company has agreed to provide Santos with an extended exclusivity period to Dec 1, during which Santos and Mayur were to negotiate in good faith and if agreed, enter into an agreement to jointly develop the previously announced carbon projects.
The project’s focus on preserving 1.4 million hectares of pristine rainforest through deforestation.
Phase one development was already being progressed which includes up to 800,000ha in Western.
Santos has already provided Mayur with a US$3 million (about K10.34 million) facility (in June) amongst other things, fund ongoing detailed feasibility and landholder consent work on the carbon projects.
Mayur managing director Paul Mulder said: “This is a transformative transaction for the development of Mayur’s carbon portfolio.”
“Mayur proposes to use the Santos loan to help preserve arguably one of the most biodiverse ecosystems on earth.
“Mayur is also encouraged that Santos has agreed that together we shall commit to secure premium carbon credit certification and ensure these projects achieve positive social elements to the communities associated with the project.”