Mayur upsizes placement to A$100m
ASX-listed Mayur Resources has secured firm commitments for an expanded A$100-million two-tranche institutional placement, up from its previously announced A$80-million.
The first tranche raised A$29.8-million, while the second tranche – subject to shareholder approval – is expected to raise A$70.3-million.
“The significant demand received from new and existing investors, which has allowed us to upsize this placement, is a testament to the high-quality nature of the Central Lime project and represents a strong endorsement of our team and development strategy,” said chairperson Richard Pegum.
He added that the funds raised from the placement, together with a proposed $115-million Appian debt financing, ensured that the company was fully funded for the development of Stages 1 and 2 of the Central Lime project, in Papua New Guinea.
In total, this includes the construction of four kilns and is forecast to deliver a yearly run-rate earnings before interest, taxes, depreciation and amortisation of $70-million.
“The company looks forward to ramping up construction of the Central Lime project over the coming months and delivering on its promise to successfully develop and commission the Central Lime project, both on time and within budget,” said Pegum.
The Central Lime project will be Asia Pacific’s first carbon-neutral quicklime, clinker and cement project for supply to Papua New Guinea, Australia and the South Pacific at much lower costs than Asian exporters.
The project is aiming for a base case nameplate production capacity of 400 000 t and will be developed in two phases.
Phase 1 will involve the construction of the quicklime plant, with a capacity of 600 000 t/y of quicklime and 700 000 t/y of limestone. Phase 2 will involve the development of clinker and cement facilities producing 820 000 t/y and 900 000 t/y respectively.
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