Former group managing director of Hancock Prospecting Company, Paul Mulder, has joined Mayur Resources as managing director. Mayur is a pioneering diversified mineral exploration and development company operating in Papua New Guinea and has established one of the largest tenement holdings in the country.
Paul Mulder joins Mayur after seven years at Hancock where he worked directly with Gina Rinehart to establish the $15 billion Alpha and Kevin’s Corner coal, rail and port projects in Queensland, Australia.
At Mayur Resources, he will spearhead the exploration and development of Mayur’s diversified portfolio of assets in PNG, which includes coal, iron sands, copper and gold.
Speaking at the Mines and Money conference in Beijing last, Paul Mulder said: “If one wants to have exposure to the next generation of low-cost mining bulk commodities at the bottom end of the global cost curves while also maintaining exposure to easy-to-access copper gold plays this is the market to be in.
“We have an exciting and diversified portfolio with the potential to offer extremely attractive returns. I am delighted to join this team of proven performers and look forward to helping Mayur maximize its obvious potential.”
At the conference, he also outlined certain highlights from Mayur’s portfolio and development plans including:
- Mayur is likely to have the largest high-grade iron and zircon holdings in the world, stretching along 450km of coastline in southern Papua New Guinea.
- The company’s sub-bituminous thermal coal holdings (with a less than 5% in situ ash value) are directly adjacent to its iron sands projects.
- Both of these projects are forecast to be in the first quartile of the global cost curve whilst also being able to benefit from shared barging and trans-shipping infrastructure.
- Mayur also possesses copper/gold exploration rights over a range of tenements in coastal and island areas, including one next to the Lihir Island mine, the fourth largest gold operation in the world.
- Mayur Resources is 100% privately owned and, with funding in place, intends to remain so for the foreseeable future. Over time, the company may explore partnerships with strategic end users, traders and financial institutions.
- Harnessing PNG’s immense mineral potential is the first, but very important, step in Mayur’s longer term vision of becoming a pan-Asian natural resources house.