Source: PNG Loop

Nautilus Minerals has reached a commercial resolution with the Government for its equity participation in the Solwara 1 Project.

Chairman Geoffrey Louden announced this at the Annual General Meeting in Toronto, Ontario last week.

Louden said: “I am pleased that we reached a commercial resolution with the Independent State of Papua New Guinea for its equity participation in the Solwara 1 Project (“the Project”) and I would like to thank all our shareholders for their continued support during this time.

He said the critical factor in the development of the Project remained as the securing of a suitable vessel.

“Over the past year we have been busy meeting with shipyards and shipbuilders around the world, determining the basic vessel design, and receiving class approval for the basic design. We intend to secure the arrangements for a vessel by the end of the year, following which we will have a clearer understanding of the ultimate timeline to first production,” Louden said.

Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits.

Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in PNG, where it is aiming to produce copper, gold and silver.

The company has also been granted its environmental permit for this site.