Tag Archives: Mayur Resources

Mayur surges on with nation-build [sic] agenda

Mayur managing director Paul Mulder with Gulf Provincial Governor Chris Haiveta signing the agreement on December 7

PNG Industry News | 2 February 2018 

MAYUR Resources’ ‘PNG nation-building agenda’ featured strongly in the company’s quarterly report for December 2017, which was released yesterday.

Highlights of the quarter included a 22-hole diamond drilling campaign completed at its Port Moresby limestone project and the subsequent announcement of a 382 million tonne resource there.

The company said that good progress was made on Mayur’s nation-building agenda with the memorandum of understanding signed with the government of Gulf province and another MOU with Kumul Petroleum.

“Gulf Province is situated adjacent to Central Province and is home to extensive mineral and energy resources. Mayur has extensive mineral exploration interests in Gulf Province and intends to leverage the proximity of plentiful, cheap and accessible domestic energy to industrial mineral resources to deliver various development opportunities for the region,” the company said.

The Kumul MOU centred on the sourcing and supply of gas for its proposed vertically integrated lime and cement business at Caution Bay, 25km north of Port Moresby and adjacent to the PNG LNG plant.

Mayur’s maiden diamond drilling campaign began at the Basilaki copper gold project in Milne Bay Province.

Mayur said it was continuing to work with Era Resources towards the development of a power plant to supply Era’s Yandera copper-moly-gold project in Madang Province.

“The company has supplied technical and commercial inputs for the supply of up to 200MW for the Yandera pre-feasibility study and expects to hold further discussions with Era pending the completion of this PFS and advancement to DFS stage.”

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Silly season comes early in Gulf

Australian firm taps into Gulf resources

The National aka The Loggers Times | December 11, 2017

AUSTRALIAN company Mayur Resources now has an exclusive licence to develop a resource, energy and industrial complex in Gulf.
An agreement was signed on Friday between Governor Chris Haiveta and Mayur managing director Paul Mulder in Port Moresby.
Haiveta said the agreement would use resources it had discovered in Gulf such as iron sands, zircon, ilmenite, coal and high grade silica sands for domestic use and export opportunities.
He said this would be done while leveraging favourable port areas in Gulf and the domestic market obligation for gas for a petrochemical industry.
“Our country is in an energy crisis and we continue to send foreign currency offshore and import foreign liquid fuels at a far higher cost and far higher polluting than using our own domestic energy sources,” he said.
“Other Asia-Pacific countries are using their domestic energy and industrial resources.”
PNG is importing most of our energy and nation building products even such things as cement, lime and diesel that enriches other countries rather than our own.
“Our Prime Minister has advocated cheap, reliable accessible energy while doing this in an environmentally beneficial manner that improves our current state.”
Haiveta said the time for talking about the concept was over.
“We need action. We need growth. We need employment. We need industry. We need prosperity. And we only get this by having access to cheap, reliable power,” he said.
“Gulf today has taken the next step to use its gas, iron coal and other mineral sand resources and bring us out of the dark and poverty.
“Our plans are nothing different to what Japan, Australia, New Caledonia, West Papua, Vietnam, Malaysia, Philippines, Indonesia, Thailand.”
Mulder said Mayur Resources had been working for over five years to explore minerals in Gulf, Central and Western.

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Pacific Islands forum supports calls to phase out coal

Sikeli Qounadovu | The Fiji Times | October 19, 2017

THE Pacific Islands Development Forum fully supports the call by Canada and the UK to phase out coal.

PIDF secretary general Francois Martel urged other developed nations to unite and implement the transition from unabated coal fired electricity and support the Pacific call to limit global temperature rise to 1.5 degrees.

“We congratulate Canada and the United Kingdom for championing a global alliance on coal-phase out and encourage other developed countries such as Australia to support this initiative,” he said.

“On one hand, we need to provide support to Pacific countries to ensure they can reach the targets set in the Paris Agreement, on the other hand, we need to pursue advocacy and engagement to ensure that what fell off the negotiations in Paris to achieve the main targets of 1.5 degree Celsius are now fully addressed.”

Mr Martel said much faster and decisive action was needed to phase out coal and prevent coal lock-in and the greater risk of stranded coal mining and coal power station assets and big amounts of already available stocks of coal.

“Urgency and high ambition for drastically reducing greenhouse gas emissions need to remain the top priority on the agenda — financing adaptation by development partners should not be the fall-out position for paying lip-service to reducing emissions, nor does it follow the spirit and the letter of the Paris Agreement as ratified,” said the PIDF secretary general.

Canada strives to have 90 per cent of electricity from non-emitting sources by 2030.

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Coal plant proposal for PNG city a poor option – NGO

Lae, Papua New Guinea Photo: RNZI/ Johnny Blades

Radio New Zealand | 19 September, 2017 

A proposal for a coal-fired power plant in Lae is a poor economic and environmental option, according to an anti-coal group in Papua New Guinea.

The proposal by Mayur Resources to build a plant on the Lae Tidal Basin has lingered for a couple of years, but failed to get a purchase agreement from PNG Power.

However Mayur had approval from PNG Ports through its re-development of Lae’s important port area.

But Chris Lahberger from Nogat Coal PNG said the government knew that a coal plant was not an efficient way to generate energy.

“But it just looks awful as well, as PNG is a signatory to the Paris (Climate) Agreement to go one hundred percent renewable, and a coal mine with a forty year life span,” Mr Lahberger said.

“Mayur are now suggesting that the life span of this coal plant to be fifteen years. But the economics of that just doesn’t stack up. Like you would not make your money back from your investment if you ran it for just fifteen years.”

Mr Lahberger said renewable energy was a better alternative.

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Green energy the way forward for PNG Power

PNG Power undermines government investment in coal mining and Mayur Resources’ plans

Salome Vincent | PNG Loop | 25 August, 2017

The focus going forward for PNG Power Limited is Green Energy.

Acting Chief Executive Officer, Alex Oa said recently that PNG was one of the first countries to sign the Paris Agreement on reducing carbon emissions, and thus the organisation is putting emphasis on renewable energy.

Oa added that in response to Papua New Guinea’s efforts in Climate Change, PPL’s focus is on solar and hydro biomass to reduce the amount of emission released into the atmosphere.

“Fossil fuels are expensive and resorting to renewable energy is cost-saving, and in the long run – prevents further repercussions to the atmosphere.

“Solar farms are being taken into consideration with cooperation established between PNG Power and the Asian Development Bank, but land availability remains the biggest challenge yet, he adds.

Meantime, Oa also highlighted that the other best way to achieve this is using solar panels on rooftops however this will require policies and guidelines on how to go about doing this.

Going forward Oa explained that he is very much interested in pushing the rooftop solar panel option.

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PNG sands come to the market in Australia

Bondi beach in Sydney

Tim Boreham | The Australian | August 12, 2017

In a variation of the coals-to-Newcastle theme, Mayur Resources, an eclectic multi-commodity resources house plans to ship a million tonnes of sand from Papua New Guinea to Sydney.

Don’t we have a surfeit of the stuff already — and not just on Bondi Beach? Apparently not: Mayur’s sand is the high-quality, fine-grained variety valued by cement makers, and it’s in short supply in the Sydney region.

Mayur chief executive Paul Mulder says most of the construction sand is supplied from quarries in the Newcastle region and then trucked to Sydney at great cost.

It’s cheaper to ship the stuff from PNG, where the sand will be an otherwise waste product from Mayur’s proposed Orokolo Bay mineral and industrial sands project on the southern coast.

The Singapore-incorporated, Brisbane-headquartered Mayur is in the throes of raising up to $15.5m ahead of its September 1 ASX listing. The offer looks like being oversubscribed ahead of its close date next Friday.

Mayur’s PNG assets also include limestone, copper-gold tenements and coal projects, as well as a planned coal-fired power station to be built near the industrial city of Lae.

The project remains subject to a definitive feasibility study, with total capex of just $US22m to bring the project into production.

With more than 12,000sq km of highly prospective exploration tenements available to be drilled, Mayur is confident enough to plan trial shipments to customers in China and Japan within 14 months.

Costed at $110m, the Lae power project involves shipping coal from Mayur’s Depot Creek project in the south of the country, which boasts the first compliant coal resource in PNG, at 11.4 million tonnes.

The power plant, which has been granted environmental approval, remains subject to a power purchasing agreement execution with state-owned utility PNG Power.

While approval is no Lae-down misere, Mulder seems confident the power project will ultimately prevail because of the need for reliable low-cost electricity.

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Bell Potter beats drum for PNG minerals explorer float

Ex-New Hope boss Rob Neale lines up as chairman of ASX-hopeful Mayur Resources. Glenn Hunt

Sarah Thompson, Anthony Macdonald, Joyce Moullakis | Australian Financial Review | 24 July 2017

Fund managers will recognise some of the names behind PNG minerals exploration company and initial public offering-hopeful Mayur Resources, which is seeking to hit the ASX boards on September 1.

Queensland resources industry veteran and former managing director of Soul Patts’ coal play New Hope Corporation Rob Neale lines up as chairman, while former Hancock Prospecting executive Paul Mulder would run the listed company as managing director. 

The pair would be joined around the boardroom table by former Gloucester Coal deputy CEO and BHP Billiton iron ore executive Tim Crossley, and former Credit Suisse metals and mining research analyst Paul McTaggart, among others. 

Mayur Resources was seeking to raise up to $15.5 million via the sale of CHESS Depository Interests at 40¢ each. The company is incorporated in Singapore, with operational headquarters in Brisbane and assets in Papua New Guinea. 

In a prospectus lodged late last week, chairman Neale told potential investors that Mayur had been operating since 2011 with the aim of acquiring, exploring and developing mineral and energy opportunities in PNG. 

Funds raised were pegged for a definitive feasibility study of the company’s Orkolo Bay Industrial Sands Project, and to deliver a resource estimate for its Port Moresby Limestone Project, among other uses. 

CEO Mulder doubled as the company’s largest shareholder, with a 52.6 per cent stake prior to the IPO. 

Bell Potter is running the IPO as lead manager and was scheduled to open the raising next week. 

The offer was not underwritten. If successful, the company would list on September 1.

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