- Mayur's Managing Director has met with the Papua New Guinea Government to discuss future plans for the country and the company
- Mayur is an exploration, mining, development, and energy company focussed on bringing about economic growth in Papua New Guinea
- Mayur is aligned with Mr. Marape's vision in three key areas: its Central Cement and Limestone Project, Lae Enviro Energy Park Project, and Orokolo Bay Industrial Mineral Sands Project
- Mayur shares are up a slight 1.82 per cent to trade for 56 cents each in a $87.62 million market cap
Papua New Guinea's new Prime Minister, Hon. James Marape, has set some bold financial goals for the country since he was elected on May 30, 2019.
These goals bode well for Mayur Resources, according to company management, which is an exploration, mining, development, and energy company focussed on bringing about economic growth in the country.
Mayur Managing Director Paul Mulder released an announcement to shareholders today explaining what Papua New Guinea's new Government means for the company. Paul said he met with the new Prime Minister and several Cabinet members regarding the future plans of the country and company.
Mr. Marape said after he was sworn in to the position in May that his goal is for Papua New Guinea to become the "richest black Christian nation" in the world.
In line with this, Paul said, the new Government wants to break away from its dependence on imports and become self-sufficient in building materials and energy.
Paul said that this vision to see the country transform into an independent "economic powerhouse" within the next 10 years aligns with Mayur's goals of economic growth and nation building.
Mayur, according to Paul, is aligned with Mr. Marape's vision in three key areas:
Central Cement and Limestone Project
Mayur's flagship Central Cement and Limestone (CCL) Project has been identified as a high priority project in the country. Paul said this means it may be eligible for government support in the form of tax and tariff concessions.
The project is purposed to bring about economic development in the Central Province of Papua New Guinea, particularly in the areas of employment, education and health.
Lae Enviro Energy Park Project
Lae Enviro Energy Park is a proposed 52.5 megawatt development in Lae, which has already been awarded public government support in the past. According to Mayur, the power plant will help Papua New Guinea meet its electrification target of 70 per cent by 2030.
Orokolo Bay Industrial Mineral Sands Project
Maryur's Orokolo Bay project in the Gulf Province has also received support from the new Government, according to Paul. It will be the first project in Papua New Guinea to produce and export sand material used for construction.
On top of this, it is planned to create a new mining industry in the Gulf Province, providing several employment opportunities.
Paul said that following his meeting with key players in the new Government, Mayur is in the "box seat" to serve as the country's gateway to a new era of economic growth and prosperity.
After today's announcement, Mayur shares are up a slight 1.82 per cent to trade for 56 cents each in a $87.62 million market cap.