Mayur Group (ASX:MRL) has finalized its Community Development Agreement (CDA) for the Central Cement and Lime Project in Papua New Guinea, with all stakeholders agreeing on the terms, according to a Tuesday filing with the Australian bourse.

The CDA outlines the commercial relationship between the company, the PNG government, and landowners, ensuring equitable distribution of project benefits, the filing said.

The agreement will now be submitted to the PNG National Executive Council for final approval, paving the way for full-scale development of the project early in the year, the filing added.

Shares of the company rose 2% in recent Tuesday trade.