Source: Papua New Guinea Mine Watch
On 17-18 November, 21 heads of state will come to Port Moresby for the Asia-Pacific Economic Cooperation (APEC) summit. Set against a backdrop of debts and a declining economy the Nautilus Solwara 1 project speaks volume to another PNG Government failed investment that will be a further economic burden to the country.
Sir Arnold Amet, former Papua New Guinean Attorney General and Minister for Justice Papua New Guinea, “Nautilus is propped up by USD 15 million in loans from its two major shareholders, it’s been forced to reduce its workforce and to terminate contracts for the construction of equipment.”[1]
“Even the production support vessel crucial to Nautilus operations has had to be shelved due to failure to pay the shipyard constructing it.[1] And Nautilus is now virtually worthless with its shares at a new record low of less than 10 cents each.”[3]
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