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.
Continue reading here.
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: Cook Islands News
Dear Editor,
The government is in raptures as they prepare for a bonanza of riches that they hope will flow from deep sea mining in our exclusive economic zone (EEZ).
Before matters proceed to the point of no return, we the Iti Tangata need to ask whether mining will lead to riches or to our ruin.
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: Radio NZ
A campaigner against deep sea mining says recent earthquakes in Papua New Guinea’s Islands region mean a proposed mining project is a disaster waiting to happen.
On Thursday last week, a magnitude 7.0 quake struck off the south coast of New Britain island, the second major quake in the area this year.
Meanwhile, Canadian company Nautilus Minerals is pushing ahead with its Solwara 1 project, which will dredge the seafloor between the islands of New Ireland and New Britain.
Helen Rosenbaum from the Deep Sea Mining Campaign said the seismic activity only makes the project more of a threat to PNG.
Continue reading PNG earthquakes raise concerns over seabed mining project
Source: Deep Sea Mining Campaign
The United States Geological Survey reported that a magnitude 7.0 earthquake struck close to the proposed Solwara 1 deep sea mine near in Papua New Guinea yesterday at 7am local time. This follows a magnitude 6.6 quake nearby in March.
Dr. Helen Rosenbaum, of the Deep Sea Mining Campaign said: “Thankfully there have been no reports of damage or injury. However, this is the second large earthquake this year right near the Solwara 1 deep sea mine proposed by Canadian company Nautilus.1 It’s also in the vicinity of several other exploration tenements in the Bismarck Sea between East New Britain and New Ireland Provinces that Nautilus aspires to turn into sea floor mines.”
Dr. Rosenbaum continued, “Can you imagine the damage and pollution that would occur if Solwara 1 and these other proposed deep sea mines become a reality? Nautilus plans to have a 1.6 km long pipe moving ore slurry from the sea floor to the surface. An Independent oceanographic assessment indicates that currents in Bismarck Sea would carry pollution from the Solwara 1 shorewards towards New Ireland province, the Duke of York Islands and possibly to the coast of East New Britain.2
“Where are our emergency response plans?”‘ asks Jonathan Mesulam from the Alliance of Solwara Warriors3 and a local community leader whose village is located in New Ireland province, only 25km from the proposed Solwara 1 project.
“There is already great uncertainty about the environmental damage that will occur from the normal operation of Solwara 1. But such serious earthquakes will cause a catastrophe! Nautilus’s equipment has never been tested under these extreme conditions. We have no capacity at either provincial or national level to deal with such an event.”
Jonathon Mesulam continued, ” Papua New Guinea sits right on the Pacific Ring of Fire. What was our Government thinking by approving Solwara 1. And not only did they approve the project but they have also invested heavily to purchase a 15% stake in this experimental venture. The company’s only credible shareholder Anglo American divested itself of this dodgy project in May and Nautilus’s share price has now hit an all-time low.4,5 Why is our National Government still backing this loser?”
For more information
PAPUA NEW GUINEA
Jonathan Mesulam, Alliance of Solwara Warriors
mesulamjonathan[at]gmail.com, +675 7003 8933
AUSTRALIA
Helen Rosenbaum, Deep Sea Mining Campaign,
hrose[at]vic.chariot.net.au, +61 413201793
NOTES
[1] The site for the proposed Solwara 1 mine is located the Bismarck Sea of Papua New Guinea, approximately 25 km from the coastline of New Ireland Province, about 35 km from Duke of York Islands and 60 km from Kokopo township in East New Britain.
[2] Physical Oceanographic Assessment of the Nautilus Environmental Impact Statement for the Solwara 1 Project – An Independent Review, November 2012. http://www.deepseaminingoutofourdepth.org/wp-content/uploads/EIS-Review-FINAL-low-res.pdf
[3] The Alliance of Solwara Warriors is a growing group of communities and supporters opposing sea bedmining from Madang, East New Britain, New Ireland, Manus and Milne Bay Province
[4] Anglo American to exit stake in deep sea mining company, Neil Hume, Financial Times, 4 May 2018 https://www.ft.com/content/ad58aee6-4fad-11e8-a7a9-37318e776bab; Anglo American to end investment in deep sea mining company Nautilus, Reuters, 4 May 2018; https://www.reuters.com/article/us-anglo-american-m-a/anglo-american-to-end-investment-in-deep-sea-mining-company-nautilus-idUSKBN1I523Z
[5] Nautilus website stock information, http://www.nautilusminerals.com/irm/content/stock-information.aspx?RID=269&RedirectCount=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: 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
