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MAYUR RESOURCES LIMITED - Corporate Spotlight

MRL is a diversified mineral exploration, development and energy company operating in... MRL is a diversified mineral exploration, development and energy company operating in Papua New Guinea (PNG). Mayur has been operating with the purpose of acquiring, exploring and developing mineral and energy development opportunities in Papua New Guinea and neighbouring countries.More

Corporate Spotlight

MRL is a diversified mineral exploration, development and energy company operating in Papua New Guinea (PNG). Mayur has been operating with the purpose of acquiring, exploring and developing mineral and energy development opportunities in Papua New Guinea and neighbouring countries.
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Mayur’s MD outlines PNG Cement and Lime project

MRL WINS TAX RELIEF

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Mayur Resources (ASX:MRL) wins tax relief, tariff exemptions for PNG project

Materials

ASX:MRL
Mayur Resources (ASX:MRL) - Central Cement and Lime Project, Papua New Guinea. - The Market Herald
Central Cement and Lime Project, Papua New Guinea.
Source: Mayur Resources

  • Mayur Resources' (MRL) Central Cement and Lime project receives Special Economic Zone status from Papua New Guinea’s Special Economic Zones Authority Board
  • The project will gain a number of fiscal benefits including income tax relief and import tariff exemptions
  • The newly granted status covers the same area as Mayur's existing Mining Licence
  • Mayur Resources Managing Director Paul Mulder says the concessions mark a "great endorsement" for the project

Mayur Resources' (MRL) Central Cement and Lime project has been granted Special Economic Zone status from Papua New Guinea’s Special Economic Zones Authority Board.


In achieving this status, Mayur said it is entitled to a number of fiscal benefits including income tax relief, import tariff exemptions and associated concessions in accord with the Special Economic Zones Authority 2019.


The new license covers the same area as Mayur's Mining Lease already granted for the CCL Project, located across Kido and Rea Rea.


The project is located 25 kilometres northwest of Port Moresby in PNG and was awarded a 20-year Mining Lease in August 2020.


In its statement to the market, MRL said the concession and benefits were significant and would strengthen the financial outcomes of the project.


Mayur Resources Managing Director Paul Mulder said attaining Special Economic Zones status sets "right" conditions for large scale investments thrive.


"This is a great endorsement for the project, I am sure this will give our existing and new investors the confidence required and will also contribute to a range of nation building community infrastructure and services initiatives associated with the project," he said.


Special Economic Zones Authority Board Chairman Varigini Badira said the Mayur proposal was of a very high standard and receive unanimous support from the board.


Read the Full Article on The Market Herald here

MRL RECIEVES SUPPORT IN PNG

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Mayur Resources (ASX:MRL) receives clinker and cement offtake support in PNG

Materials

ASX:MRL
Mayur Resources (ASX:MRL) - Managing Director, Paul Mulder & COO Simon Slesarewich - The Market Herald
Managing Director, Paul Mulder & COO Simon Slesarewich
Source: Mayur Resources/LinkedIn

  • Mayur Resources (MRL) receives offtake support for clinker and cement from the Central Cement Lime (CCL) Project in Papua New Guinea
  • The letters of support for more than one million tonnes per annum of the materials come from customers in the Australian and Pacific markets
  • This adds to previous indications of support for 400,000 tonnes per annum (tpa) of quicklime and hydrated lime, as well as 700,000tpa of limestone
  • MRL says the regional market interest could enable faster development under phase two of the CCL project

Mayur Resources (MRL) has received offtake support for more than one million tonnes per annum (Mtpa) of clinker and cement from the Central Cement Lime (CCL) Project in Papua New Guinea.


The milestone adds to separate offtake support for 400,000 tonnes per annum (tpa) of the company's quicklime and hydrated lime products from phase one, as well as 700,000tpa of limestone.


In a statement today MRL said the latest letters of support came from customers located in the Australian and Pacific markets, who were seeking long-term cement and clinker supplies.


Accordingly, the company said the news confirmed regional market interest in products from CCL, which would likely enable faster phase two development of the fully permitted project.


While these indications of interest remain subject to conditions precedent, MRL said such in-principle commitments could be crucial for investors and financiers in terms of propelling the ongoing development of the project.


Mayur Resources Managing Director Paul Mulder said customers saw the benefit of having cement and clinker manufacturing capability in far closer proximity to their operations versus other current South East Asian suppliers.


"This milestone is significant, given the current escalation in the cost of shipping and seaborne transportation; the projected demand for cement in the region; and mandatory requirements from an ESG perspective to significantly reduce direct and indirectly generated emissions and carbon footprints," he said.


"Importantly with our senior executive team now back in PNG, we are seeing a significant increase in momentum with CCL and are now working on the ground to ensure the remaining cement and clinker capacity is reserved for key PNG domestic offtakers."


Mayur's lime and cement business' chief operating officer Trent Alexander said the commitments from Australian and Pacific customers represented about 60 per cent of MRL's intended capacity of 1.72Mtpa of clinker and cement products.


"This recent boost in commitments from other jurisdictions will allow the potential acceleration of phase two to be delivered sooner than anticipated," he said.


"We are continuing discussions in PNG now as more potential customers signal their interest to secure significant volumes of low carbon and low alkali cementitious products," Mr Alexander added.


Read the Full Article on The Market Herald here

MAYUR RESOURCES' CHAIRMAN RETIRES

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Mayur Resources’ (ASX:MRL) Chairman retires

Materials

ASX:MRL
Mayur Resources (ASX:MRL) - Outgoing Chairman, Rob Neale (right) - The Market Herald
Outgoing Chairman, Rob Neale (right)
Source: Siecap

  • Mayur Resources (MRL) has announced the retirement of its Chairman, Rob Neale
  • Neale led the company through a number of achievements including transitioning to a public-listed company through its initial public offering in 2017
  • Neale said he's been considering retirement for some time and feels the company is in a good position for him to step down
  • Non-Executive Director Frank Terranova will assume the role of interim Non-Executive Chairman while the board seeks a permanent replacement
  • In addition, Mayur's spin-out company, Adyton Resources, continues to see pleasing drill results from the Gameta Gold Project in Papua New Guinea

Mayur Resources (MRL) has announced the retirement of its Chairman, Rob Neale, as well as some new high-grade results.


Retirement


After being an advisor and director for over five years, Mr Rob Neale has decided to retire from his role as Chairman.


Neale has over 45 years of experience in the resources sector and led Mayur Resources through a significant transition from a private to public-owned company through its initial public offering in 2017.


The company ticked off a number of achievements during Neale's contribution and guidance including this year's spin-out of Mayur's copper and gold assets as Adyton Resources (ADY) on the Toronto Stock Exchange Venture in February 2021.


"I had been considering retirement for some time, and with completion of the recent successful capital raise and the die now cast for the company's disaggregation strategy, the time is now right for the company to reshape its board," Neale said.


"On behalf of the team at Mayur, we thank Mr Neale for his valuable contribution and guidance and wish him all the very best in his future endeavours," Managing Director Paul Mulder said.


Mayur's Non-Executive Director and Chair of the Audit and Risk Committee, Frank Terranova, will assume the role of interim Non-Executive Chairman while the board seeks a permanent replacement for Neale.


Drill results


In addition to this news, Mayur's spin-out company, Adyton Resources, received high-grade gold results from drilling at the Gameta Gold Project in Papua New Guinea.


Results include 18.1 metres at 4.88g/t gold from 60.7 metres which is much higher than intersections returned from nearby historical drill holes.


Mayur owns a 43 per cent interest in Adyton which is focussed on developing gold and copper resources in prospective mining jurisdictions.


Read the Full Article on The Market Herald here

MRL ENTERS TRADING HALT, FLAGS CAP RAISE

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Mayur Resources (ASX:MRL) enters trading halt, flags capital raise

ASX:MRL
Mayur Resources (ASX:MRL) - Managing Director, Paul Mulder - The Market Herald
Managing Director, Paul Mulder
Source: The Market Herald

  • Mayur Resources (MRL) has placed its shares in a trading halt while it finalises an upcoming capital raising
  • The company will remain in the halt until the earlier of May 24 or when an announcement with more details is released
  • On May 10, Mayur revealed it had appointed Trent Alexander as Chief Operating Officer of its cement and lime business, Mayur Industrials
  • Trent has nearly 20 years of experience in the materials industry, working with the likes of Brickworks, Orica, Adelaide Brighton and Hanson
  • Mayur Industrials is currently developing the Central Cement and Lime Project, which is situated close to Port Moresby in Papua New Guinea

Mayur Resources (MRL) has placed its shares in a trading halt while it finalises an upcoming capital raising.


The company will remain in the halt until the earlier of May 24 or when an announcement with more details is released.


Mayur is yet to disclose how much it intends to raise or what it will use the funds for once they have been received.


On May 10, Mayur revealed it had appointed Trent Alexander as Chief Operating Officer of its cement and lime business, Mayur Industrials.


Trent has nearly 20 years of experience in the materials industry, working with the likes of Brickworks, Orica, Adelaide Brighton and Hanson.


Mayur Industrials is currently developing the Central Cement and Lime Project, which is situated close to Port Moresby in Papua New Guinea.


Read the Full Article on The Market Herald here

MRL COMPLETES OVERSUBSCRIBED PLACEMENT

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Mayur Resources (ASX:MRL) completes oversubscribed placement

Mining

ASX:MRL
Mayur Resources (ASX:MRL) - Managing Director, Paul Mulder - The Market Herald
Managing Director, Paul Mulder
Source: RealEstate.com

  • Mayur Resources (MRL) has completed its oversubscribed placement and raised $2.5 million
  • The company originally planned to raise $1.5 million and had the ability to take on a further $1 million
  • Mayur actually exhausted full allocation of the placement and received offers totalling more than $2.5 million
  • The $2.5 million was raised through the issue of 12.5 million CHESS depositary interests to new and existing institutional investors at 20 cents
  • Mayur will use the money to provide working capital for its ongoing disaggregation strategy

Mayur Resources (MRL) has completed its oversubscribed placement and raised $2.5 million.


The company entered a trading halt on May 20 but did not disclose how much it intended to raise or what it would use the funds for.


Mayur originally planned to raise $1.5 million and had the ability to take on a further $1 million.


The company actually exhausted the full allocation of the placement and received offers totalling more than $2.5 million.


The $2.5 million was raised through the issue of 12.5 million CHESS depositary interests (CDIs) to new and existing institutional investors at 20 cents.


Mayur will use the money to provide working capital for its ongoing disaggregation strategy.


"While we are incurring some COVID related delays, these funds will provide additional cashflow runway to enable us to execute our disaggregation strategy while continuing to progress strategic investor and offtake agreement discussions relating to Mayur Iron's Orokolo Bay Project," Managing Director Paul Mulder said.


Read the Full Article on The Market Herald here

MRL APPOINTS COO FOR CEMENT & LIME

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Mayur Resources (ASX:MRL) appoints COO for cement & lime business

Materials

ASX:MRL
Eden Innovations (ASX:EDE) showcases EdenCrete’s strength at Port of Savannah trial

  • Mayur Resources (MRL) has appointed a Chief Operating Officer (COO) for its cement and lime business
  • Trent Alexander will lead Mayur Industrials and help develop the company's Central Cement and Lime (CCL) Project in Papua New Guinea
  • The new COO bring almost two decades worth of experience to the role, including stints at Brickworks, Hanson, Adelaide Brighton and Orica
  • MRL MD Paul Mulder welcomed the appointment, stating it was an opportune time to advance the quicklime plant

Mayur Resources (MRL) has appointed a Chief Operating Officer (COO) for its cement and lime business.


Trent Alexander has been appointed a leader of Mayur Industrials, the company in charge of developing MRL's Central Cement and Lime (CCL) Project.


Located near Port Moresby in Papua New Guinea, the CCL project is essentially a quicklime and clinker/cement manufacturing facility.


The new COO of Mayur Industrial brings almost two decades worth of experience to the role, including stints at Brickworks, Hanson, Adelaide Brighton and Orica.


MRL Managing Director Paul Mulder has welcomed the appointment, stating it was an opportune time to advance the quicklime plant.


"Paul’s appointment follows Bruno Wauters appointment to Mayur Industrials’ board in April," he began.


"Together, their combined industry experience covers all aspects of the cement and lime industry in Australia and abroad and will prove invaluable as the company looks to secure offtake and project financing, as well as engage with EPC contractors," he said.


"Mayur is committed to building the capability of its lime and cement business as market momentum continues to build in our favour," the MD added.


Meanwhile, the new Chief Operating Officer said he was excited to be heading up such an attractive project.


"CCL is uniquely positioned as a high-grade, low-cost resource near to surface and adjacent to deep water," Trent Alexander said.


"With PNG importing all of its cement and lime products, as well as Australia increasing its import volumes, the project has a ready-made market," he added.


Read the Full Article on The Market Herald here

MAYUR LODGES OROKOLA BAY LEASE APP

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Mayur Resources (ASX:MRL) lodges Orokolo Bay lease application

Materials

ASX:MRL    MCAP $62.40M


·Mayur Resources (MRL) has progressed its Orokolo Bay Project by officially lodging a mining lease application for the asset

·Orokolo Bay is located in Papua New Guinea and represents one of the country's first iron and industrial minerals projects

·Mayur is planning to produce vanadium titano-magnetite (VTM), dense medium separation magnetite, high-grade silica construction material and zircon rich heavy mineral concentrate 

·The company will now await for project approval from the PNG Government, stating the application was the final step to making Orokolo Bay shovel-ready

·Shares in MRL are trading up 3.13 per cent at 33 cents each 

Mayur Resources (MRL) has successfully progressed its Orokolo Bay Project by lodging a mining lease application with the Papua New Guinea Government.

Orokolo Bay is located within PNG's Gulf Province and represents one of the country's first iron and industrial minerals project.

The application lodged by Mayur relates to full-scale production, which would see 0.5 million tonnes per annum of vanadium titano-magnetite and dense medium separation magnetite produced.

Additionally, one million tonne per annum of high-grade silica construction material and 8000 to 10,000 tonnes per annum (tpa) of a zircon rich heavy mineral concentrate would be produced.

The company is now awaiting on approval of the application from the PNG Government’s Mineral Resources Authority (MRA).

Read the full article on The Market Herald


MRL SPINOUT INTERSECTS HIGH-GRADE GOLD

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Mayur Resources’ (ASX:MRL) spinout intersects high-grade gold

Materials

ASX:MRL
Mithril Resources (ASX:MTH) begins drilling at Copalquin

  • Mayur Resources' (MRL) gold and copper spinout, Adyton Resources, has reported high-grade gold intercepts during drilling at the Gameta Gold Project
  • The company still owns 43 per cent of the spinout, which is listed on the TSX and is focused on exploring Papua New Guinea-based assets
  • Best results from Adyton's diamond drill campaign at Gameta include 27 metres at 4.38 g/t gold including 4.3 metres at 12.3 g/t gold
  • This program is designed to support previous historic drill results from the area, and the company has labelled these first results as exciting

Mayur Resources' (MRL) gold and copper spinout, Adyton Resources, has reported several high-grade gold intercepts during drilling at the Gameta Gold Project.


MRL still owns a 43 per cent stake in the spinout, which is listed on the TSX and focused on exploring Mayur's former Papua New Guinea-based assets.


Adyton has been carrying out a 22-hole diamond drilling program at Gameta, which on located on Fergusson Island in PNG.


Results from three holes have now been returned, and best intersections include 27 metres at 4.38 g/t gold, including 4.3 metres at 12.3 g/t gold, in ADD002.


The drill program at Gameta is designed to support previous historic drill results from the area, and the company has labelled the first results as exciting.


"We are excited to report the first assay results from diamond drilling at the Gameta gold project," Adyton CEO Frank Terranova began.


"The results confirm the high-grade assay results from historical RC drilling as well as identifying the potential for a higher-grade core to the existing resource," he added.


"These results increase the confidence and continuity in the existing resource and support our strategy of accelerating technical studies and developing early production scenarios for the Gameta Project," Frank said.


The results from the other 19 holes are expected to be received and released by Adyton in the coming months.


Read the Full Article on The Market Herald here

MRL APPOINTS RICHARD SEVILLE CHAIR

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Mayur Resources (ASX:MRL) appoints Richard Seville chair of Mayur Iron

Materials

ASX:MRL
Roto-Gro International (ASX:RGI) promotes COO to top job

  • Mayur Resources (MRL) has appointed Richard Seville as chair of its iron and industrial sands business, Mayur Iron
  • For more than 35 years, Richard has worked across a range of industries throughout Asia, South America and Africa
  • Most recently, he was Managing Director of Orocobre (ORE), where he led the company from its listing to an ASX200 company
  • As chair of Mayur Iron, Richard will be joining CEO Simon Slesarewich as the company moves towards a standalone listing

Mayur Resources (MRL) has appointed Richard Seville as chair of its iron and industrial sands business, Mayur Iron.


For more than 35 years, Richard has worked across a range of industries throughout Asia, South America and Africa.


Most recently, he was Managing Director of Orocobre (ORE), where he led the company from its listing to an ASX200 company.


At Orocobre he secured Toyota Tsusho Corporation as an equity partner and oversaw the development of the Olaroz lithium project in Argentina.


"Mr Seville's appointment is another major step in the company's disaggregation strategy," Managing Director Paul Mulder said.


"Mr Seville's breadth of experience across all facets of the resources industry will be invaluable as we rebrand Mayur Iron and prepare it for an appropriate exchange," he added.


As chair of Mayur Iron, Richard will be joining CEO Simon Slesarewich as the company moves towards a standalone listing.


"I'm looking forward to the opportunity of teaming up with Simon in delivering the Orokolo Bay Iron Sands development which is a relatively simple project with a compelling capital and operating cost profile that has been overlooked in the current strong iron ore pricing environment," Richard commented.


Read the Full Article on The Market Herald here

MORGAN'S RESEARCH NOTE

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Mayur: The Next Big Thing

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  • Mayur Resources (MRL) has been flying under the radar as it meticulously works to build up its string of valuable Papua New Guinea-based mining assets

  • The company recently raised $5.5 million in November to keep advancing its flagship Central Cement and Lime (CCL) project, which is now fully permitted and shovel-ready

  • At the same time, the company is spinning out some key copper-gold assets to list them on the TSX Venture Exchange

  • According to Managing Director Paul Mulder, demand for quicklime is set to soar as the world increases nickel and copper use

  • As such, the company is positioning itself to replace all quicklime imports in PNG with its domestic production and export high-quality lime from right next door to Australia from its PNG-based project — competing with Malaysian and Thailand imports

  • Mayur says based on applying a conservative "developing nation" forward EBIT earning multiple, it is slated to become a billion-dollar business


Mayur Resources (MRL) has been flying under the radar as it meticulously works to build up its string of valuable Papua New Guinea-based mining assets.

In November, the company raised $5.5 million to keep advancing its flagship Central Cement and Lime (CCL) project in PNG — adding to the $53 million already invested into Mayur's project development since 2013.

Upon raising the funds, Mayur told investors the CCL project is now fully permitted and shovel-ready, with proceeds from the capital raise going to examine disaggregation from the parent company, offtake deals, early quarry operation cash flow opportunities, and strategic partnerships to bring the project to production.

This supports Mayur as it disaggregates its key copper and gold assets onto the TSX Venture Exchange (TSXV), giving existing shareholders and new investors pure-play exposure.

The company has basically de-risked all of its projects through the exploration and feasibility phases and is now in the financing stage. As such, Mayur picked now as the right time to refine its portfolio while maintaining a core focus on industrial lime and cement, with its savvy management team spotting a future gap in the market and pre-emptively working to fill it.

Mayur Managing Director Paul Mulder said the company believes this is a billion-dollar strategy.

"We see this as a company that has the opportunity to be valued at well over a billion dollars in the future," he told The Market Herald.

"I say that based upon a very conservative forward EBIT estimate of how much we think each project will generate," he said.

But with nickel, rare earths, and lithium stealing the mining spotlight in 2020, where is the synergy in Mayur still being committed to its quicklime and cement project?

Sleeping mineral giants

Mayur management said as the world strives to decarbonise, copper and nickel are expected to experience a significant boost in demand.

The company explained that what most investors don't realise is that with increased production of the likes of nickel, rare earths, lithium, copper, and gold, large quantities of quicklime need to be used to actually produce those products.

Thus, the company is positioning itself as a key bespoke high-grade quicklime producer to meet the current and upcoming boost to demand.

Further to this, however, is Australia's shifting market dynamic from local production to securing quicklime supply from higher-quality imports.

Over recent years, higher-grade imports have been steadily displacing domestic supply, but these have to date usually come from Malaysia and Thailand as, historically, PNG has not been an option.

Mayur's PNG high-grade lime asset, being right next door to Australia, can provide the same quality product at a cheaper price for both PNG and Australia compared to other international importers. Moreover, because it is much closer to home, Mayur's asset can majorly reduce supply chain risk.

"We have an ideal opportunity to disrupt and take that market share away and ensure that we solidify that for our own projects," Paul Mulder said.

"We feel that we're ideally positioned to be the closest supplier and really give the market an alternative higher quality, lower-priced product," he said.

"Do they want to keep buying from somewhere that's further away? Do they want to keep paying a higher price? We don’t think so."

Disaggregation ... Who controls it?

The company said gold and copper remain very attractive assets to investors, with a significant oversubscription achieved in Mayur's recent capital raise.

As such, Mayur is still keeping a close hold on its spun-out gold assets, holding around 45 per cent of the listed Canadian vehicle and having strategically placed focused and experienced management into the vehicle.

Mr Mulder explained that by shifting its copper-gold projects onto the TSXV, investors who want direct pure-play exposure in these lucrative metals can still gain significant exposure to MRL's projects.

But at the same time, investors also have the opportunity to buy into the company's other important assets, either via the parent company or should further spin-outs occur.

It's a strategy developed by a management team with years of experience under its belt; both Paul and Mayur Executive Director Tim Crossley have more than two decades of experience in leadership roles for Gina Rinehart's Hancock Prospecting and BHP (BHP).

Paul Mulder and Tim Crossley are both credited as having led two different $10-billion mine port and rail developments in Australia in the coal and iron ore sectors.

Moreover, the astute Mayur management team is happy to put its money where its mouth is, with around 40 per cent of the company owned by directors.

VIDEOS

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Mayur Resources MD Paul Mulder outlines the benefits of the recently granted Special Economic Zone around Mayur’s PNG Cement and Lime project.



So - why Is the CCLproject such a major Market Disruptor?



Mayur Resources - Noosa Mining Conference Video - July




Mayur Resources MD Paul Mulder discusses the spinout of Mayur Resources Mineral Sands and Iron Ore businesses - July



Mayur Resources MD Paul Mulder Talks The Mayur Disaggregation Strategy  - May




Paul Mulder - Mayur Resources CEO and Frank Terranova - Adyton CEO discuss Adyton Spin Out - March 




Paul Mulder, Mayur Resources discuss fundraising with The Market Herald Dealroom - November 2020



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