Santos and Mayur extend carbon project deadlines
PERTH (miningweekly.com) – ASX-listed Mayur Resources has extended an exclusivity arrangement with a subsidiary of fellow listed Santos to jointly develop a portfolio of nature-based carbon offset projects in Papua New Guinea (PNG).
Mayur has agreed to provide Santos with an extended exclusivity period to December 1, 2023 during which the two companies could negotiate in good faith and if agreed, enter into binding transaction documents to jointly develop the carbon projects.
The carbon projects focus on preserving 1.4-million hectares of pristine rainforest in PNG through avoided deforestation. Phase 1 development is already being progressed which includes up to 800 000 ha in the Western province.
Santos has already provided Mayur with a $3-million facility to, amongst other things, fund ongoing detailed feasibility and landholder consent work on the carbon projects.
“This is a transformative transaction for the development of Mayur’s carbon portfolio. Mayur proposes to use the Santos loan to develop its carbon portfolio to help preserve 1.4-million hectares of pristine rainforest, which has arguably one of the most biodiverse ecosystems on earth,” Mayur MD Paul Mulder said.
“Mayur is also encouraged that Santos has agreed that together we shall commit to secure premium carbon credit certification and ensure these projects achieve positive social elements to the communities associated with the project offset areas. It is essential that these projects result in the majority of the financial benefits and revenues being provided to the local landowners of PNG.”
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