HIRI-KOIARI MP Keith Iduhu has announced the successful securing of
K590 million (US$155 million) by
Mayur Resources Limited (Mayur) for the
Central Lime Project (CLP) at Kido. This
significant funding milestone paves the
way for construction and production to
commence, bringing much-needed investment into Hiri-Koiari, Central Province, and the country.
Expressing his excitement, Mr. Iduhu highlighted the collaborative effort that led to this
achievement. Mayur secured a combined funding of US$155 million through partnerships
with Appian Capital Advisory LLP and Vision Blue Resources. This investment will
fully fund the CLP at Kido, marking a groundbreaking development in Papua New Guinea’s
manufacturing sector.
The funding arrangement includes approximately US$115 million in debt financing from Appian and a US$40 million equity investment from Vision Blue, confirmed in November
2023. These financial commitments will cover all necessary construction costs to achieve an initial production capacity of 400,000 tonnes annually, with additional funds allocated for potential expansion. The project aims to begin producing quicklime 18 months after reaching financial close.
Mr. Iduhu emphasized the socio-economic benefits of the project, noting its potential to
create hundreds of jobs and stimulate local economies. The project will support ancillary
services such as electricity, roads, and educational and health facilities for landowners,
while also reducing PNG’s reliance on imported lime products.
The CLP will manufacture essential materials including limestone, quicklime, clinker, and
cement, crucial for infrastructure development. Mr. Iduhu stressed that the successful
implementation of this project will drive progress and prosperity across the district,
province, and the entire nation.
Acknowledging the efforts of all stakeholders involved, Mr. Iduhu extended his thanks to the teams at Mayur, Appian Capital Advisory, and Vision Blue Resources for their commitment
to the venture. He also urged Mining Minister Hon. Muguwa Dilu to convene the Consultative Forum promptly to finalize the benefits sharing package negotiated
over the past two years with Mayur, a crucial condition precedent to the release
of secured funding.
Mr. Iduhu expressed pride in Central Province and his district for championing many
firsts in securing the necessary funding, laying the foundation for Phase 2, an even bigger
brownfields expansion of a circa K1.1 billion cement works. This extension of the existing project has all the required permitting and approvals, setting the stage for further
development.
In conclusion, Mr. Iduhu called for collective action to leverage this opportunity and transform the community for a sustainable and prosperous future for Papua New Guinea.
The recent announcement of Mayur Resources securing K590 million (US$155 million) for
the Central Lime Project (CLP) at Kido heralds a new era of economic development for
Papua New Guinea (PNG). This substantial funding injection, facilitated through partnerships
with Appian Capital Advisory LLP and Vision Blue Resources, is a testament to the potential of PNG’s manufacturing sector.
The CLP funding, comprising US$115 million in debt financing from Appian and a US$40
million equity investment from Vision Blue, will propel construction and production, beginning as early as May. This milestone not only promises job creation and economic stimulation but also reduces PNG’s dependence on imported lime products.
The project’s scope extends beyond mere production; it holds the promise of transforming
local economies and supporting ancillary services vital for community development.
Moreover, the manufacture of essential materials such as limestone, quicklime,
clinker, and cement underscores PNG’s commitment to infrastructure development
and nation-building efforts.
Acknowledging the collaborative effort that made this achievement possible, credit is
due to Mayur Resources, Appian Capital Advisory, and Vision Blue Resources for
their unwavering commitment. However, the journey ahead necessitates prompt action
from governmental bodies, particularly the convening of the Consultative Forum by
Mining Minister Hon. Muguwa Dilu to finalize the benefits sharing package negotiated
with Mayur.
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