Nautilus Minerals announces that the Seafloor Production Tools to be used at the Solwara 1 deposit in the Bismarck Sea have arrived in Papua New Guinea, and will shortly commence submerged trials. The company is aiming to produce copper, gold and silver from the seafloor deposit.
Nautilus’ CEO Mike Johnston said, “We are delighted to be undertaking submerged trials in PNG. The trials will result in money and investment going into the PNG economy, and the employment of Papua New Guineans in ‘state of the art’ technology which are some of the key benefits of seafloor production.
“The trials also allow us to work closely with our partner Petromin, government officers from the various government agencies, as well as representatives from provincial governments of New Ireland and East New Britain.”
The submerged trials will happen in an existing facility on Motukea Island, near Port Moresby in PNG.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. It was granted the first mining lease for such deposits at the prospect known as Solwara 1. The company has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and is also a member of the Nasdaq International Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman-based group with interests in mining, oil & gas, which holds a 27.8% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 16.3% holding.
Nautilus Minerals