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Mayur Resources (ASX: $MRL) enters binding farm in agreement for 51% stake in Orokolo Bay project & takes 9.9% strategic stake in Mayur

Overview of Mayur Resources' recent agreement with PT SEA First Nickel Industry


Mayur Resources Limited (ASX: $MRL) has finalized a funding structure with PT SEA First Nickel Industry (PTSFNI) for the Orokolo Bay Mineral Sands project in Gulf Province of PNG. Under the binding farm in agreement, PTSFNI will fully fund the development of the project and in return, acquire a 51% equity stake. Additionally, PTSFNI will take a 9.9% strategic stake in Mayur Resources.

Executive commentary on the agreement


Mayur Chairman, Mr Richard Pegum, expressed excitement about the partnership, highlighting the potential for local employment and support service businesses. President PTSFNI James Chen PHD emphasized the alignment of interests and the vision to establish downstream processing manufacturing hub in Papua New Guinea.

Summary of the agreement and outlook


The executed agreements with PT SEA First Nickel Industry mark a significant milestone for Mayur Resources, ensuring full funding for the Orokolo Bay project and a strategic partnership. The company's ambitions to develop mineral projects and contribute to the decarbonization path in the Asia Pacific region are reinforced through this collaboration. With a focus on incorporating internationally recognized ESG standards and engaging with host communities, Mayur Resources aims to drive sustainable development in Papua New Guinea. The partnership with PTSFNI presents an opportunity for economic growth and the establishment of downstream processing industries, aligning with the broader vision of nation building and long-term sustainable post-mining activities.

Sourcehttps://announcements.asx.com.au/asxpdf/20240123/pdf/05znjyz61tqtqw.pdf

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