Mayur Resources’ project awarded special economic zone status

Mayur Resources’ project awarded special economic zone status
09 September 2021

Mayur Resources' Central Cement and Lime project area has been granted Special Economic Status by the Papua New Guinea government.

Managing Director, Paul Mulder, said “I greatly appreciate the leadership of the PNG Prime Minister & Minister for Bougainville Affairs & Defence, Honourable James Marape, in the establishment of this Special Economic Zone (SEZ) as it sets the right conditions for large-scale investment to thrive and catalyse down-stream processing in the SEZ that will particularly benefit the people and the manufacturing industry in PNG.” 

The SEZ licence covers the same area as the mining lease already granted for the CCL Project, located across Kido and Rea Rea. The SEZ provides Mayur with a range of benefits,including income tax relief, import tariff exemptions and associated concessions in accord with the SEZA 2019, which was approved by the National Executive Council (PNG Cabinet).

These benefits in the SEZ zone, granted for a nominal 10-year period, include being able to attract international investors to co-invest alongside existing Mayur investors and to give landowners exposure to future wealth creation opportunities on their land.

Of note is the PNG government's call for downstream, vertically-integrated, value-adding import displacement and export-generating industries to be established in PNG. "Mayur has risen to the challenge and has been accordingly recognised for such ongoing commitment and investment in PNG (since 2011). We continue to exclusively invest in PNG and thank the PNG State-Provincial Governments, Landowners & Customers for their vision and support," Mr Mulder said. 

Published under Cement News