Mayur Resources has finalised debt financing agreements with Appian Capital Advisory, securing around $115m (A$178.3m) for its Central Lime Project (CLP) in Papua New Guinea (PNG).
This funding is a significant step towards achieving the project’s base case nameplate capacity and potential expansion.
Of this amount, $70m will be allocated to reach the CLP’s base case nameplate capacity, with a $22.2m over-run facility and an additional $22.2m earmarked for expansion beyond the base case capacity.
This adds to Vision Blue Resources’ $40m financing, announced in November last year, which would offer Vision Blue a 49% stake in the CLP. The latest infusion, along with Vision Blue’s investment, will ensure that the project is fully funded.
The funds will be used to cover construction costs for an annual production capacity of 400,000t, with provisions for further expansion.
Mayur is set to complete the remaining conditions precedent to the debt and equity funding in the second quarter of calendar year 2024, which include securing product offtake agreements, appointing construction contractors, and finalising project documentation and approvals with the PNG Government.
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Read More: Mayur secures more funds for Central Lime Project in PNG