Mayur raises $130m for PNG lime project
Australia-listed Mayur Resources has raised $130-million to advance its Central Lime Project (CLP), with lime deemed a critical input in the processing of nonferrous battery and future green-facing metals, including nickel, cobalt, lithium and copper.
The company on Wednesday announced a term sheet with UK-based Appian Capital Advisory for up to $90-million in debt to fund the CLP through to its expansion case and a further A$10-million financing at the Mayur parent level.
These agreements complement the earlier announced investment agreement with Vision Blue Resources, led by Sir Mick Davis, for a $40-million investment in the CLP.
Combined, the vertically integrated project is now fully funded. Construction of the wharf infrastructure started earlier this year, which will allow for early cash flow generation next year through the sale of high-grade limestone.
The ‘base case’ of the CLP in Phase 1 is expected to generate yearly revenues and earnings before interest, taxes, depreciation and amortisation of more than $50-million and $25-million, respectively, over an initial project life of 30 years.
Further, the CLP will create hundreds of jobs while having capacity to replace all Papua New Guinea’s current imports of lime valued at about K$100-million (A$42.8-million) a year, and service the broader Asia Pacific region.
Over time, the CLP will form the core of the country’s first downstream processing resource manufacturing hub.
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