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Appian provides Mayur with financing.


  • US$115 million senior secured loan and royalty financing enables Mayur Resources to develop low-cost, high-quality and long-life Central Lime Project in Papua New Guinea (“PNG”)
  • The project is set to improve resilience in the metals and mining supply chain in the APAC region, benefitting from strategic location to more cost-effectively supply other key APAC markets
  • Appian’s financing package is complemented by US$40 million equity funding from Vision Blue, an investment firm focused on accelerating the responsible supply of key materials necessary to facilitate the energy transition
  • Project coastally located 25 km from the capital city in Mayur’s Single Factory Special Economic Zone, receiving strong government support
  • Transaction demonstrates success of Appian’s credit and royalties offering, highlighting the significant value Appian brings to the delivery of mining assets globally

Appian Capital Advisory LLP (“Appian” or the “Company”), the investment advisor to long-term, value-focused private capital funds that invest solely in mining and mining-related companies, has agreed to provide a US$115m senior secured loan and royalty financing (the “Financing”) to Mayur Resources Limited (“Mayur”) for its Central Lime Project (“CLP”) in PNG, subject to conditions precedent on items including but not limited to product offtake and finalization of project documentation with the PNG government.

Together with Vision Blue’s previously announced US$40 million equity funding, the Financing provides 100% of the remaining funding required to complete CLP’s construction works to achieve nameplate annual base case production capacity of 400,000 tonnes. Under the terms of the Financing, Appian is providing a US$63 million senior facility and a US$7 million royalty on the CLP, along with a US$22.2 million over-run facility and US$22.2 million for future expansion beyond base case capacity.

The CLP presents a significant investment opportunity for Appian as a simple, first quartile cost lime project with a long mine life and expansion potential. With near-term production targeted within 18 months of financial close, the CLP is strategically located within Mayur’s unique Single Factory Special Economic Zone, close to both domestic and overseas markets in Australia and Asia. The project also enjoys strong government support in PNG, creating local jobs and with the potential to meet 100% of domestic quicklime requirements.

Lime plays a critical role in the metals and mining industry, and CLP’s low-cost, high-quality product is well-positioned to compete favorably with other regional producers.

The investment highlights Appian’s credit and royalties financing capabilities, building on its leadership in supporting the metals and mining industry by improving supply chain resilience.

Michael W. Scherb, Founder and CEO of Appian, commented:
“Appian is excited to partner with Mayur and Vision Blue on the Central Lime Project in Papua New Guinea. CLP is well-positioned to be a leading asset capable of producing low-cost lime products necessary for metal processing, and strategically located close to end-markets in PNG, Australia and Asia. The project will also play a pivotal role in highlighting foreign direct investment in PNG, supporting the country’s growing industrial sector. This collaboration showcases the ongoing success of Appian’s dedicated credit and royalties offering, highlighting the significant value our team brings to the delivery of mining assets globally. Appian looks forward to expanding our presence in Australia and Asia, backed by our leading team of advisors across Perth, Melbourne and Brisbane.”

Paul Mulder, Managing Director of Mayur Resources, said:
As a leading private capital provider in metals and mining, Appian is a strong long-term partner for Mayur and the CLP. This new investment allows us to fully fund the asset into production, creating a lime product producer that is set to benefit from strong domestic and regional demand. The CLP importantly will be a transformative development for PNG, the associated Landowner communities and PNG’s industrial sector, while contributing to the clean energy transition by providing a key input to the processing of metals in the Asia-Pacific region.

This investment reflects Appian’s continued leadership in supporting a more resilient supply chain for critical minerals. We look forward to working with the Appian team to bring the project into production and explore opportunities for further expansion.”

For further information:

FGS Global +44 (0)20 7251 3801 / [email protected]
Charles O’Brien, Richard Crowley, Michael Stock

Appian Capital Advisory +44 (0)20 7004 0951 / [email protected]
Michael W. Scherb

About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.

Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 7,000 employees.

Appian has a global team of 81 experienced professionals with presences in London, New York, Toronto, Vancouver, Lima, Belo Horizonte, Montreal, Dubai, Johannesburg and Perth.

For more information please visit, or find us on LinkedIn, Instagram or Twitter/X.

About Mayur Resources
Mayur Resources Limited (ASX:MRL) 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 41% 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 decarbonization 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 recognized Environmental, Social and Governance (ESG) standards into its strategy and business practices.


You can download a PDF version of this press release here.