Nautilus Minerals Granted Undersea Mining Lease Around PNG

By Joel ScanlonJan 18 2011

The shares of Nautilus Minerals Inc (TSX & AIM: NUS) took and understandable leap on the stock markets as the company gained approval for its Solwara 1 undersea mining project in the Bismarck Sea from Papua New Guinea government.

The company hopes to mine high grade copper and goal from sea floor deposits at depths of 1 to 600 meters. The 20 year lease will give Nautilus Mining access to a 59 km area around Solwara 1. It is being seen as a historic mining lease which represents a huge milestone for the company by the Chief Executive Officer Stephen Rogers.

Nautilus Minerals is now hoping to conclude negotiations with a strategic partner to help fund the development of Solwara 1. The company is currently in talks with two potential partners according to Stephen Rogers and hopes to have the funds ready soon. The Toronto based company already has the Papua New Guinea government as a 30% stake holder in the Solwara 1 joint venture.

The $380 million project hopes to mine from the deposit which has a stated resource of 2.2 million tonnes of ore. This includes an indicated resource of 870,000 tonnes at grades of 6.8 % copper and 4.8 % gold. The production is expected to begin 2 and half years after full project sanction.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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