Prime Minister and Treasurer Hon. James Marape has welcomed Mayur Resources Ltd securing funding of US$155 million (K540 million) to complete the Central Lime Project (CLP) at Kido in Central Province.

He made the welcome today after Mayur announced to the Australian Stock Exchange (ASX) that it has secured the funding to complete Papua New Guinea’s first downstream manufacturing processing hub, with the potential to create hundreds of new jobs and be a major displacer of PNG’s imported lime products.

“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,” Prime Minister Marape said.

“It promises to be a transformative development for Central Province landowners and the broader manufacturing sector.

“I thank Appian Capital Advisory LLP for a total of approximately US$115 million debt financing to Mayur Resources and Vision Blue Resources’ equity investment into the project of US$40 million announced in November 2023, which will see the Central Lime Project fully funded.

“The funding, I understand, will be used to cover construction costs to achieve an annual production capacity of 400,000 tonnes, along with an allocation for expected further expansion. First quicklime production is expected to begin after 18 months.

“Central Lime Project is one of the first approved Special Economic Zones (SEZs) which are a focus of my government.

“The establishment of CLP is a testament to my government’s commitment to supporting downstream processing and assisting in attracting investment funds into PNG’s first Single Factory Special Economic Zone.

“Such support now sets the scene for PNG to compete with the hundreds of billions of dollars already invested into Southeast Asian SEZs.”