Papua New Guinea Prime Minister James Marape and Treasurer, James Marape, extended a warm welcome to Mayur Resources Ltd for securing US$155 million (K540 million) funding to finalize the Central Lime Project (CLP) situated in Kido, Central Province.
The announcement was made yesterday following Mayur's declaration to the Australian Stock Exchange (ASX), outlining the successful acquisition of funding crucial for completing PNG’s pioneering downstream manufacturing processing hub. The project holds the promise of generating hundreds of employment opportunities while potentially reshaping the nation's lime product import dynamics.
Expressing his satisfaction, Prime Minister Marape stated in a media release, "I am happy to hear that Mayur Resources has secured the K540 million funding to complete the Central Lime Project, and that the project has the potential to create hundreds of new jobs, support service businesses, electricity, roads, education and health facilities for landowners."
The CLP is poised to revolutionize Central Province's economic landscape and significantly impact the manufacturing sector as a whole. Prime Minister Marape acknowledged the pivotal role of Appian Capital Advisory LLP, extending approximately US$115 million in debt financing to Mayur Resources, alongside Vision Blue Resources' equity investment of US$40 million announced in November 2023, which collectively ensure the full funding of the Central Lime Project.
The allocated funds are earmarked for covering construction expenses to attain an annual production capacity of 400,000 tonnes, with provisions for anticipated expansions. Initial quicklime production is anticipated to commence within 18 months.
Prime Minister Marape highlighted the Central Lime Project's status as one of the premier approved Special Economic Zones (SEZs), underscoring his government's commitment to bolstering downstream processing initiatives and attracting investment inflows into PNG's inaugural Single Factory Special Economic Zone.
"This backing sets a precedent for PNG to compete on par with the substantial investments already channeled into Southeast Asian SEZs," affirmed Prime Minister Marape, signaling a new chapter in PNG's economic trajectory.
The successful funding acquisition not only underscores Mayur Resources' commitment to advancing PNG's industrial landscape but also reflects the collaborative efforts between public and private sectors towards fostering sustainable economic growth and job creation.
The completion of the Central Lime Project heralds a promising future for Central Province and the wider manufacturing sector, embodying PNG's transition towards self-sufficiency and economic prosperity.