Central Lime Project to drive industrial and social development in PNG

The Pacific Lime and Cement [PLC] project launched last week will enhance industrial development for both the Company and Papua New Guinea.

The Project will manufacture lime products including quicklime onshore in PNG, adding value PNG’s limestone resources, and building PNG’s downstream processing capability. The Pacific Lime and Cement Managing Director Paul Mulder said Lime products from the Project will replace imported materials to support the country’s building, agriculture, and resources industries - and generate much needed export income.

He said the formal opening last Saturday is the culmination of more than a decade of planning and preparation.

"It represents a significant milestone in PLC’s transformation from resources developer to industrial business and will lay the groundwork for PLC to invest in further downstream manufacturing with the proposed Central Cement Project."

Mr. Mulder said the Final Investment Decision [FID] made by the government marked a major milestone for the company to becoming a regionally significant supplier of lime and cement.

"This decision reflects our confidence in the Project’s robust economics, strong market demand and strategic positioning, and the high-level support we have received in both Government and in the community of PNG.

"The CLP represents a significant opportunity to deliver lasting benefits to Papua New Guinea." Mr. Mulder said.

He added that the project is expected to create hundreds of direct jobs and extend into thousands of indirect jobs, stimulate local enterprise, and establish a nationally significant domestic supply of lime that will support construction and industrial development in PNG.

"We are committed to working in partnership with local communities and government stakeholders to ensure that the project delivers shared value.

"With FID now secured, we are focused on executing the development phase with discipline and efficiency, and we look forward to bringing this nationally significant project into production,” he added.

The Central Lime Project will generate significant economic and social returns for PNG by providing equity participation and royalty agreements to local landowner groups.

It will also be creating spin-off business opportunities through a negotiated Business Development Plan for landowner companies and PNG-based suppliers and others.