Pacific Lime and Cement Ltd. has confirmed that the government of Papua New Guinea has acquired a 13 per cent equity stake in the company’s Central Lime Project (CLP).
The state-owned Kumul Mineral Holdings Ltd. (KMHL) executed the transaction for a consideration of US$16.3 million (AU$24.8 million).
The acquisition was executed under a discounted valuation based on the project’s base-case net present value, as outlined in the project development agreement signed in March.
The deal marks the first formal capital commitment by the PNG government under the development framework. KMHL holds an additional option to purchase a further 5 per cent stake for approximately US$6.8 million within 180 days of commercial operations commencing. First quicklime production is currently on track for the first quarter of calendar year 2027.
Beyond the lime facility, KMHL retains the right to acquire up to a 30 per cent interest in the adjacent Central Cement Project prior to its final investment decision, targeted for late 2026.
Together, the developments aim to establish Papua New Guinea’s first integrated lime and cement manufacturing hub.
Pacific Lime and Cement Managing Director Paul Mulder described the state’s direct investment as a major milestone.
“This capital commitment reflects over a decade of collaboration between PLC, the PNG government, and project-area landowners,” Mulder said.
“The Central Lime Project is firmly positioned as one of Papua New Guinea’s most important nation-building industrial developments.”
KMHL Managing Director Sarimu Kanu noted the importance of domestic manufacturing, noting it will reduce PNG’s reliance on quicklime imports from Asia and the Middle East.
“This will ensure locally sourced quicklime will support our copper-gold and nickel processing facilities whilst delivering stronger, more durable roads and critical infrastructure across the country,” Kanu said.
Special Advisor to the Prime Minister, Isaac Lupari added: “Projects such as the Central Lime Project are critical to reducing import dependency, strengthening local supply chains, and ensuring that national infrastructure development is underpinned by reliable, high quality local inputs.”
