Mayur awaiting financing for cement project

The National Business

MAYUR Resources is now awaiting financing for its clinker/cement project (CCL).
Managing director Paul Mulder said this in a letter to company shareholders this week.
“Now that the project is fully permitted and approved, it only awaits completion of financing for this multi-generation operation to service PNG and other outlined international destinations,” he said.
“Shareholders should be aware the project hosts a previously announced Joint Ore Reserves Committee (Jorc) resource of 396 million tonnes – adequate resources to service both PNG and Australia’s requirements for generations to come.”
According to Mulder, over the past 18 months since the Coronavirus (Covid-19) pandemic, several key value accretive milestones were still achieved including:

  • INCREASING clinker and cement offtake support to over 1.58 metric tonnes per annum (Mtpa) which represents 92 per cent of our intended nameplate capacity of 1.72 Mtpa;
  • AMENDMENT of the mining lease to enable a staged development with clinker/cement as stage two;
  • IFC Equator principles review demonstrating a high level of compliance via two independently engaged professionally qualified sustainability officers;
  • NEGOTIATION with strategic partners for financing support (equity and debt) for the project;
  • SPECIAL economic zone master planning;
  • ROAD design for connecting the mining lease area to public roads;
  • EARLY work scoping complete; and,
  • INSTALLATION of Micro Grid Solar for local landowners at Kido village.

“The clinker/cement project is stage two of the CCL project,” Mulder said.
“This project is located on the same mining lease as the quicklime project.”
He said Australia imported approximately 50 per cent of its cementitious requirements today and this trend was increasing each year as manufacturing facilities in Australia aged and were not replaced.
“The location of the project renders it the closest supplier to the Australian market and increases delivery time by being three times closer to competing markets while reducing transportation emissions also by a similar factor.”