Under the terms, Appian is providing a $63 million senior facility and a US$7 million royalty on the CLP, along with a $22.2 million over-run facility and $22.2 million for future expansion beyond base case capacity.

With near-term production targeted within 18 months of financial close, the CLP is located within Mayur’s Single Factory Special Economic Zone, close to both domestic and overseas markets in Australia and Asia.

The project has government support in PNG, creating local jobs and with the potential to meet 100% of domestic quicklime requirements, Appian said in a news release.

“CLP is well-positioned to be a leading asset capable of producing low-cost lime products necessary for metal processing, and strategically located close to end-markets in PNG, Australia and Asia,” Appian CEO Michael W. Scherb said in a statement.

“This new investment allows us to fully fund the asset into production, creating a lime product producer that is set to benefit from strong domestic and regional demand,” Paul Mulder, Managing Director of Mayur Resources, added.

“The CLP will be a transformative development for PNG, the associated Landowner communities and PNG’s industrial sector, while contributing to the clean energy transition by providing a key input to the processing of metals in the Asia-Pacific region.”