- Mayur Iron PNG, a subsidiary of Mayur Resources (MRL), receives a 20-year mining lease for its Orokolo Bay Iron and Minerals Sands Project in Papua New Guinea
- This grant is the final approval required to allow a full-scale production of an operation estimated to produce more than 1.5 million tonnes per annum of material
- Upon successful production, Mayur will send the material to Australia, China, Japan and Singapore
- Managing Director Paul Mulder said the company is on track for the first delivery of magnetite into the iron ore market in H2 2022
- Shares in Mayur are steady on the market and are trading at 21 cents
Mayur Iron PNG, a subsidiary of Mayur Resources (MRL), has received a 20-year mining lease for its Orokolo Bay Iron and Minerals Sands Project.
The Orokolo Project is situated in Papua New Guinea (PNG) and will produce titano-magnetite, construction sands and zircon-rich heavy mineral concentrate.
This grant is the final statutory approval required to allow a full-scale production of an operation that is estimated to produce 500,000 tonnes per annum (tpa) of magnetite, one million tpa of construction sand and up to 10,000 tpa of zircon concentrate.
Upon successful production, Mayur will send the material to Australia, China, Japan and Singapore.
Managing Director Paul Mulder said the company is on track for the first delivery of magnetite into the seaborne iron ore market in H2 2022.
“Orokolo Bay is to be the flagship of our iron and industrial sands business that is planned to be listed on the ASX in 2022 as Ortus Resources,” Mr Mulder commented.
“Having a suite of products provides another level of insulation from any singular shift in commodity prices as valuable by-products of construction sand and zircon provide additional revenue for marginal cost.
“The project will be a simple, onshore, near-surface mining and processing operation four kilometres inland from the ocean with direct access to the ocean via the large Purari River.”
Shares in Mayur were steady on the market and were trading at 21 cents at 2:07 pm AEDT.