Mayur Resources to Become Pacific Lime and Cement Following K265 Million Capital in PNG
Mayur Resources Limited, a company operating in Papua New Guinea, is rebranding to Pacific Lime and Cement Limited as it finalizes a successful A$100.1 million (approximately K265 million) capital raising to fund its Central cement and lime project. Managing Director Paul Mulder announced the name change and funding completion, highlighting it as a transformative period for the company.
The raised capital will be directed towards the Central project, which aims to supply lime products to various sectors in Papua New Guinea. Mulder noted significant progress in the project's development, including near completion of sheet piling at the wharf facility, which will enable roll-on/roll-off and barge loading by mid-2025. Design work for a multi-berth facility is on track, and civil designs for the plant site are complete with early works underway. The design for the service road linking Kido village to Port Moresby is in its final stages.
In addition to the funding, Mayur Resources also finalized a Community Development Agreement for the Central project, acknowledging the participation of community members and stakeholders in the consultative process. The agreement has received Treasury endorsement and awaits final approval from the National Executive Council.
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