Nov 2012: Nautilus cancels construction of mining vessel

Prospective experimental seabed mining company, Nautilus Minerals, has announced it is canceling the construction of its mining vessel after failing to raise enough money to continue with its controversial mining plans for Solwara 1 in PNG.

This is a major victory in the campaign against this new and untested form of mining and follows twelve months of determined campaigning in PNG and the region.

Public opposition to the mining has helped destabilize the Nautilus share price and undermined the company's relationship with the PNG government - making it hard for Nautilus to raise funds. On 24 October, reported Nautilus Minerals share price had dropped 5% as a direct result of the presentation by ACT NOW! to the Mining Minister of a petition against seabed mining with 24,000 signatures.

In September the government announced it was bowing to public pressure and reopening the debate on whether to allow experimental seabed mining.