ASX-listed Mayur Resources has secured up to $25-million in funding from China Titanium Resources Holdings to develop its Orokolo Bay industrial mineral sands project, in the Gulf of Papua.
In exchange for the funding, China Titanium Resources will be given a 49% stake in Mayur subsidiary MR Iron PNG (MIPP), which holds the Orokolo Bay project where pilot-scale bulk sampling is planned to start in the third quarter of this year.