Source: Loop Business
The clock is ticking for Nautilus Minerals. The company has been struggling for some time as it seeks to force through the first experimental deep sea mining project, Solwara 1, off the coast of Papua New Guinea, despite concerted opposition.
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Source: Mongabay
Author: David Hutt
An ambitious plan to mine precious minerals from the ocean floor off the coast of Papua New Guinea looks to have run aground due to the developer’s financial problems.
In 2011, the government of Papua New Guinea granted Canada-based Nautilus Minerals a 20-year mining license covering roughly 500,000 square kilometers (193,000 square miles) of the Bismarck Sea, off the country’s eastern coast. The Solwara 1 project was the first in the world to be granted rights for deep-sea mining, whereby enormous machines would dig into the ocean floor, harvesting zinc, copper and gold, and other commodities essential to building electrical equipment.
Continue reading After the loss of a ship, deep sea mining plans for PNG founder
Source: DSM Observer
Author: Andrew Thaler
2018 was supposed to be the year for Nautilus Minerals. Their three seafloor production tools—large underwater robots capable of mining seafloor massive sulphides from 1600 meters depth—were finally in hand and undergoing submerged testing. Their ship, the Nautilus New Era, was nearing completion. They had only a few hurdles left to clear before beginning production at Solwara I, the much-vaunted site of the world’s first deep sea mining operation.
Then the floor dropped out.
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.
Continue reading Papua New Guinea Deep Sea Mining Experiment Fails
Source: The Economist
After listing on the Toronto stock exchange in 2006 Nautilus Minerals became the public face of a daring new industry: deep-sea mining. It planned to pursue riches on the ocean floor, mining metals such as gold, zinc and copper, desired for lustre, alloys and electronics. Robotic machines (pictured) would cut, grind and gather volcanic rock at a site called Solwara 1, located 1,600 metres beneath the surface of the Bismarck Sea near Papua New Guinea (png). The resultant rocky slurry would be pumped up to a support vessel, then shipped to a site at which the metals could be extracted. Investors were convinced; Nautilus’s shares doubled from their initial price of c$2 ($1.80) in a few months.
Continue reading A high-profile deep-sea mining company is struggling
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]
Source: Deep Sea Mining Campaign
Today Nautilus Minerals Solwara 1 deep sea mine project will be at the centre of a court hearing in Papua New Guinea as local communities seek to enforce their legal rights to full information about the project.
Continue reading Nautilus’ stock plummets as deep sea mining litigation proceeds
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.
Continue reading Deep Sea Mining company sinking in deep water
Source: Australian mining
Author: Ewen Hosie
Nautilus Minerals has entered a $US34 million ($45 million) agreement with lender Deep Sea Mining Finance for deep-sea mining development in Papua New Guinea.
Continue reading Nautilus Minerals secures $US34m for deep-sea mining in PNG
Source: Creamer Media’s Mining Weekly
Author: Dylan Slater
Deep-sea mining is yet to become a major activity, and not much is known about undersea mineral deposits. However, some in the mining industry claim that the deep seafloor could be host to an abundant, untapped resource of highly sought-after commodities that may be relatively easy to access once machinery has been developed to operate under high pressures in submerged environments and salty water.
Continue reading Canada’s Nautilus aiming to start marine mining in 2019 despite enviro concerns
