Vision Blue Resources Signs Investment Agreement for US$40 million equity investment in Mayur’s CLP

06 November London: Vision Blue Resources is pleased to note the announcement by Mayur Resources (“Mayur” or the “Company”) of the execution of an Investment Agreement for a proposed investment of US$40 million for a 49% equity share Mayur’s Central Lime Project in Papua New Guinea.

The full announcement by Mayur today is reproduced in full below.



  • Vision Blue executes Investment Agreement, subject to the satisfaction of certain conditions, to invest US$40 million for a 49% equity share in Mayur’s CLP in Papua New Guinea.
  • Proposed Investment would satisfy the CLP’s total equity funding component to complete project development and construction, implement onsite carbon reduction initiatives, and enter commercial production.
  • Mayur and Vision Blue are working together to secure debt financing of between US$70-90 million – with funding at the higher end of that range accelerating the expansion of the CLP beyond its ‘base case’.
  • Construction of the CLP’s wharf infrastructure commenced earlier this year which will potentially allow for early cash flow generation in 2024 through the sale of highgrade limestone.
  • In addition to being a major import displacer, the CLP will create hundreds of jobs nearly immediately, and will also be PNG’s first downstream processing resource manufacturing hub.


Mayur Resources Limited (ASX:MRL) (Mayur or the Company) is pleased to announce the execution of an Investment Agreement with Vision Blue Resources (Vision Blue), led by Sir Mick Davis, for a proposed investment of US$40 million for a 49% equity share (the Proposed Investment) in Mayur’s Central Lime Project (CLP). 

The execution of this long form Investment Agreement formalises the Term Sheet announced in August 2023.


We are thrilled to partner with Vision Blue on the Central Lime Project. Vision Blue recognises the pivotal role the Central Lime Project can play in meeting the escalating demand for Lime across various environmental and renewable energynsectors. Their Proposed Investment is a testament to the value and potential of this project both from a commercial perspective and for the immense benefits it will bring to local landowners and the PNG domestic economy.

The enhancement of living standards and benefits for local landowners remain at the forefront of our mission. We look forward to continuing our relationship with the team at Vision Blue and are confident in the mutual success this partnership will bring.

Paul Mulder, Managing Director, Mayur Resources


The ‘base case’ of the CLP in Phase 1 is expected to generate annual revenues and EBITDA of over US$50 million and US$25 million respectively over an initial project life of 30 years.** Additionally, the CLP will create hundreds of jobs while having capacity to replace all of PNGs current imports of lime valued at approximately K$100 million (A$42.8 million) per year, and service the broader Asia Pacific region. Over time, the CLP will form the core of PNG’s first downstream processing resource manufacturing hub.

Completion of the Proposed Investment remains subject to a number of conditions precedent including, but not limited to, securing approvals from applicable PNG government bodies, securing the required debt funding and upholding ongoing commitments to ensure the production of low carbon lime.


This announcement was authorised by the Board of Directors of Mayur Resources Limited.

For more information:
Paul Mulder Managing Director
p: +61 (0)7 3157 4400

Investors and Media Reign Advisory
p: +61 (0)2 9174 5388


Vision Blue Resources
Aura Financial
Michael Oke, Andy Mills
Tel: +44 207 321 0000
Mobile +44 7834 368 299, +44 7841 748 911

About Vision Blue Resources

Vision Blue was founded in December 2020 by Sir Mick Davis to identify and capture opportunities in
battery and technology minerals linked to the global transition to clean energy production and storage. Vision Blue aims to capitalise on the secular change in demand for relevant commodities, which is occurring against a backdrop of limited supply, by leveraging its proven acquisition and integration skills together with financial, ESG, technical, construction and operating experience in the mining and metals sector.

Sir Mick Davis is a highly successful mining executive accredited with building Xstrata plc into one of
the largest mining companies in the world prior to its acquisition by Glencore plc. Before listing Xstrata on the LSE as CEO he was CFO of Billiton plc and Chairman of Billiton Coal which he joined from the position of Eskom CFO.

Vision Blue targets companies in established mining jurisdictions, with well advanced assets that are
scalable, have low logistics and processing risks and can be brought into production rapidly. Vision
Blue aims to work with existing management teams by providing critical growth capital, technical
support, strategic sector relationships and experience in securing future finance. Adopting this approach systematically unlocks the asset value embedded in resources which are critical to capturing the opportunities presented by a sustainable energy future.

Since its launch, Vision Blue has continued to expand its portfolio to five strategic investments in companies involved in graphite, vanadium, silicon metal, tin and rare earths. Each of these commodities benefits from rapidly growing demand from end markets including electric vehicles, grid scale energy storage, wind and solar energy infrastructure, and electronic devices.

Vision Blue’s investment strategy is to secure significant minority stakes in companies with well
defined, advanced and scalable assets, and committed management teams.

About Mayur’s Central Lime Project

The Central Lime Project (“CLP”) is phase 1 of a vertically integrated manufacturing facility with the
ability to meet 100% of PNG’s raw lime, lime, hydrated lime, and other building material requirements, creating a new manufacturing industry and displacing imports into PNG, with the ability to penetrate nearby export markets in Australia and APAC. When constructed, the co-located quarry, plant site and deep draft wharf will enable scalable production of high-grade limestone, aggregates and lime products at low operating costs within the first quartile of the global cost curve. The CLP is also seeking to become Asia Pacific's first carbon-neutral producer, seeking to service and meet  increasing demand from the critical minerals and battery metals processing sectors in support of the global energy transition. The CLP’s lime products will also meet standards for the construction, environmental and pollution abatement sectors.

Mayur expects first revenues from the CLP in H1 2024, with annual Phase 1 EBITDA in excess of
US$25 million (A$37.8 million) and more than US$770 million (A$1,164 million) of revenue over the
project life of 30 years. **

The CLP will create hundreds of jobs, while having capacity to replace all of PNGs current imports of
lime valued at approximately K$100 million (A$42.8 million) per year, and service the broader Asia
Pacific region.

About Mayur Resources

Mayur Resources Limited is focused on the development of natural resources and renewable energy
in PNG. Mayur’s diversified asset portfolio spans iron and industrial sands, lime, cement, nature based forestry carbon credits, battery minerals and renewable power generation (geothermal and
solar). Mayur also holds a 43% interest in copper gold explorer/developer Adyton Resources, a company listed on the TSX-V (TSXV:ADY).

Mayur’s strategy is to serve PNG and the wider Asia Pacific region’s path to decarbonisation by
developing mineral projects that deliver higher quality, lower cost, and targeted “net zero” inputs for
the mining and construction industries, as well as constructing a renewable energy portfolio of solar,
wind, geothermal, nature-based forestry carbon credit estates, and battery storage.

Mayur is committed to engaging with host communities throughout the lifecycle of its projects, as well as incorporating internationally recognised Environmental, Social and Governance (ESG) standards into its strategy and business practices.

** refer to ASX Announcement dated 26 July 2022 “Updated DFS For Central Cement and Lime Project”. All material assumptions underlying these production targets and forecasts continue to apply and have not materially changed.

6 Nov 2023

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