PNG given more time to squander taxpayers money on experimental seabed mining

PNG has already squandered $117 million valuable taxpayers money on Solwara 1, Canadian mining company Nautilus is still hoping for more...

Source: PNG Mine Watch

Nautilus and State Nominee Agree to Extend Option Exercise Date

Nautilus | Market Watch

Nautilus Minerals Inc. announces that it has agreed to extend by six months the exercise date of the options granted to its joint venture partner in the Solwara 1 Project.

On December 11, 2014, the Company and the nominee of the Independent State of Papua New Guinea, Eda Kopa (Solwara) Limited (a wholly owned subsidiary of Petromin PNG Holdings Limited) formed a joint venture in respect of the Solwara 1 Project. Under the terms of that joint venture, the State Nominee took an initial 15% interest which is fully funded, with the option to take up to a further 15% interest within 12 months upon paying certain amounts pursuant to a formula described in the agreement. The option was exercisable in three 5% lots within 6, 9 and 12 months respectively from the date the joint venture was formed. If the State Nominee does not exercise any of the 5% options within the relevant time period then that option and any subsequent options are deemed to have lapsed.

To facilitate further discussion between the Company and the State Nominee, the Company has agreed to extend the exercise date of the three 5% options by six months respectively.