Pacific Lime and Cement has secured firm commitments for an A$50 million equity placement to advance its industrial precinct in Central Province, as the company draws up plans for a neighbouring township of about 5,000 homes. The two developments are part of the Kido/Rearea Special Economic Zone, where the company plans to bring lime and cement production, port facilities and housing together.
The company has earmarked A$27 million for the special economic zone and port, A$10 million for early works and pre-investment costs at the Central Cement project, and A$10.8 million for corporate costs, transaction structuring and working capital. The balance will cover offer costs. Its Central Lime project is targeting first production between late in the first quarter and the second quarter of 2027.
Pacific Lime and Cement has also signed a non-binding term sheet with the US International Development Finance Corporation for a proposed US$15 million convertible note. If finalised, the financing would support preparatory work on the lime, cement and port projects. The proposal remains subject to due diligence, definitive documentation and approvals.
Housing near the industrial precinct
The Rearea Coastal Estate master plan sets aside 300 hectares for 2,330 residential lots and about 2,660 apartments over 30 years. The first stage covers 30 hectares and 310 lots, with initial sales targeted for the second half of 2027. A town centre, parks and a training campus are also proposed. The company expects housing demand to grow as industrial tenants establish operations and recruit workers.
Under the proposed land arrangements, Pacific Lime and Cement subsidiary Mayur Industrials PNG would participate as a joint landlord alongside the Kido and Rearea landowner companies. The estate would be developed in stages, with the company expecting proceeds from each release to help fund the next. It also plans to offer civil works, landscaping, security and maintenance contracts first to the landowner joint venture company. For the industrial precinct, the township would provide a nearby market for locally produced cement, concrete blocks, pavers and other building materials.
