Source: Deep Sea Mining Campaign
Nautilus Minerals once again faced challenges at its AGM in Vancouver. As the financial crisis mounts Nautilus’ dreams to undertake the world’s first experimental deep sea mine, the Solwara 1 project in Papua New Guinea, look ever more distant.
Nautilus has been hit hard by the divestment of Anglo American who announced their break with the company just before their own AGM in May this year.
Andy Whitmore of the Deep Sea Mining campaign stressed, “Anglo’s decision to divest, on top of Nautilus’s myriad problems, proves the company is running out of both credit and credibility. It is not just the company that is sinking, but the project – and the concept of deep sea mining itself – that is going down with it.”
Nautilus is now propped up by its two major shareholders – Russian mining company Metalloinvest and Omani conglomerate MB Holdings, both of whom are lending significant amounts of money in bridging loans at 8% interest.
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