Pacific Lime and Cement (ASX:PLA) confirmed that Papua New Guinea's Government, through Kumul Mineral Holdings (KMHL), has exercised its equity participation rights in the Central Lime Project, according to a Monday Australian bourse filing.

KMHL will acquire a 13% stake in the company's Mayur Industrials PNG subsidiary for $16.3 million, with an option to purchase an additional 5% within 180 days of operations commencing, per the filing.

The government also retains the right to acquire up to a 30% stake in the future Central Cement Project, which has an estimated net present value of $339 million, the filing said.

The company is advancing construction activities toward achieving first quicklime production in the first quarter of fiscal 2027, while continuing progress toward the Cement Project's final investment decision, which is targeted for the fourth quarter of fiscal 2026, the filing added.