Port Moresby- Mayur Resources has raised K265 million (A$100.1 million) to fund its Central cement and lime project in Papua New Guinea.
The company will now operate as Pacific Lime and Cement Limited. The rebrand reflects its focus on cement and lime production.
The capital raise is a major boost for the project. It will fund construction of key infrastructure, including a new wharf facility.
Sheet piling at the wharf is almost complete. This will enable roll-on/roll-off and barge loading by mid-2025.
Civil works at the plant site have started. A service road from Kido village to Port Moresby is in the final design phase.
Mayur Resources has also secured a Community Development Agreement. It has Treasury endorsement and awaits National Executive Council approval.
Managing Director Paul Mulder said the funds put the project on track for success. The investment will help supply much-needed lime and cement across PNG.
This capital raise marks a significant step in expanding PNG’s construction materials industry. Pacific Lime and Cement aims to be a key player in the market.
Mayur Resources operates major resource and energy projects in Papua New Guinea, including the Central Cement and Lime project near Port Moresby.
The company develops industrial minerals, coal, and renewable energy, aiming to supply PNG’s construction needs, create jobs, and support economic growth through sustainable nation-building initiatives.
