August 4, 2025: Pacific Lime and Cement Limited, formerly Mayur Resources Limited (ASX:MRL), is pleased to announce that the PLC Board has approved the Final Investment Decision (FID) to proceed with the development of the Central Lime Project (CLP or the Project). After a strategic re-design of the Project, it will now have a lower up-front capital requirement and will be fully funded from existing equity.
Highlights:
The Board of PLC has approved the Final Investment Decision with respect to the Central Lime Project.
Final Investment Decision is made on the basis of a strategic re-design, reducing upfront capital and enabling the project to be fully funded from existing cash reserves, with access to additional contingent funding sources available if necessary, enabling full scale construction to commence.
Landowner and community benefits strengthened, with circa PGK 2.73 million presented by PLC and PGK 1,000,000 by the Central Provincial Government to the Kido and Rearea landowner companies, reinforcing strong local support for the Project.
Delivering Debt-Free Growth with National Impact
The Final Investment Decision (FID) for the Central Lime Project (CLP) marks a defining milestone in PLC’s strategy to deliver Papua New Guinea’s first vertically integrated lime facility. Through a deliberate, equity-funded model, the Company has removed reliance on construction debt — reducing financial risk while accelerating project delivery.This low-risk, high-impact approach follows a strategic redesign that optimises capital efficiency and aligns with national development priorities. With early works already underway, including construction of a Handymax-capable wharf, PLC remains on track for full commissioning in 2027.
The FID was formally commemorated at a ribbon-cutting ceremony led by Prime Minister Hon. James Marape MP and attended by senior ministers, provincial leaders, and landowner representatives. During the event, PLC presented PGK 2.73 million in landowner funding — complemented by a further PGK 1 million from the Central Provincial Government — reinforcing strong and enduring partnerships with the Kido and Rearea landowning groups.
The CLP is aligned with Papua New Guinea’s broader economic goals, including domestic self-sufficiency in key industrial inputs such as lime and cement, infrastructure growth, and increased employment and training for local communities. With full-scale construction now set to commence, PLC continues to position itself as a key player in the delivery of nation-building infrastructure across the region.
Commenting on FID and the revised development strategy, PLC’s Managing Director,
Paul Mulder said:
“It is a great honour for the PLC team to be announcing Final Investment Decision for the Central Lime Project alongside the Prime Minister of Papua New Guinea, Hon. James Marape MP, Senior Members of Parliament (MP) including Ministers, the Provincial Governor Hon. Ruffina Peter, Local MP for Hiri-Koiari Hon. Keith Iduhu and the local landowner communities and their senior representatives. This marks a pivotal milestone in Pacific Lime and Cements’ journey to becoming a regionally significant supplier of lime and cement. This decision reflects our confidence in the Project’s robust economics, strong market demand and strategic positioning, and the high-level support we have received in both Government and in the community of PNG.”
“The equity-only funding model provides the Company with funding certainty during the construction of the CLP, while also offering a path to enhance life-of-project cash flows attributable to equity holders.”
“Beyond financial metrics, the CLP represents a significant opportunity to deliver lasting benefits to Papua New Guinea. The Project is expected to initially create hundreds of direct jobs and extend into thousands of indirect jobs, stimulate local enterprise, and establish a nationally significant domestic supply of lime that will support construction and industrial development in Papua New Guinea We are committed to working in partnership with local communities and government stakeholders to ensure that the project delivers shared value.”
“With FID now secured, we are focussed on executing the development phase with discipline and efficiency, and we look forward to bringing this nationally significant project into production in the coming 18 months.”