Source: Mining Watch Canada
Nautilus Minerals’ aspirations to be the world’s first deep sea mining company sink to the bottom of the ocean on news that the project support vessel critical to the development of the company’s deep sea mining project in Papua New Guinea has been purchased for repurposing by Indian company MDL Energy.
Dr. Helen Rosenbaum of the Deep Sea Mining Campaign said: “Nautilus’ Production Support Vessel was the centrepiece of their model of operation. Without the support vessel it’s difficult to see Nautilus ever developing its Solwara 1 project. Given Nautilus’ dire financial circumstances it is fair to say the game is over. There seems little chance of them re-paying their bridging loans when these become due in less than a month. The Solwara 1 experiment can be deemed a failure, and the people of the Bismarck Sea of Papua New Guinea have hopefully been spared an environmental disaster.”
Continue reading here.
