https://newsletter.mw.creamermedia.com
Construction|PROJECT|Projects|Resources
Construction|PROJECT|Projects|Resources
construction|project|projects|resources

Mayur secures investment for PNG mineral sands project

23rd January 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

The share price of Mayur Resources rose 17% on the ASX on Tuesday as the company finalised the funding structure for its Orokolo Bay mineral sands project, in Papua New Guinea.

Mayur has executed a series of legally binding contractual agreements with Indonesia-based PT SEA First Nickel Industry (PTSFNI), which will gain a 51% equity stake in the project.

PTSFNI has agreed to fully fund the development of the Orokolo Bay project through to nameplate capacity output of 400 000 t of vanadium titano magnetite (VTM) concentrate, 100 000 t of dense medium separation material, one-million tonnes of construction sand and 10 000 t of zircon concentrate.

Should the development of Orokolo Bay exceed A$25-million, PTSFNI will top up the funding and receive priority repayment of that additional amount.

PTSFNI also has the exclusive right to earn a 51% ownership stake in four of Mayur Resources’ other mineral sands projects.

In addition, the Indonesian company will become a significant shareholder in Mayur Resources through an offmarket placement, acquiring 9.9% of the company at a 15% premium to the 30-day volume weighted average price before the announcement.

The placement entails 33.27-million shares at 22c a share.

Mayur’s stock closed at 24c a share on Tuesday.

Edited by Creamer Media Reporter

Comments

Showroom

John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer
Magazine round up | 15 November 2024
Magazine round up | 15 November 2024
15th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.059 0.135s - 126pq - 2rq
Subscribe Now