NAUTILUS Minerals has raised US$68.5 million from investments by Russian company Metalloinvest Group and through a subsidiary of Anglo American PLC.

Alisher Usmanov, a prominent Russian investor in the Russian mining and metal industries is the principal shareholder of the Metalloinvest Group which is an iron ore producer and Russia's fifth largest steel producer and currently has consolidated revenues of more than US$5.0 billion.

The group includes two of the biggest Russian iron ore producers, Lebedinsky and Mikhailovsky GOK, with total iron ore production in 2005 of 37.5 million tonnes of iron ore representing just under 40% of Russia's total production that year; steel-producing companies Ural Steel and OEMK, two of Russia's largest steel mills with total crude steel production of 7 million tonnes. The Group is also the managing shareholder in MMZ, a Moldavian EAF steel producer.

It also has the manufacturing company Ormeto-Yumz, which is one of the key manufacturers of mining and metallurgy equipment in Russia.

The two placees involved each became insiders of the company by virtue of holding in excess of 10% of the company's issued and outstanding common share capital upon completion of the private placement.
The proceeds of the private placement will be used to fund the development Nautilus Minrals Solwara seafloor sulphide deposits.