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Nautilus says it’s on track for seafloor mining operation

Community leaders witness developments at Motukea
New Ireland leaders witness trials at Motukea Island

INVESTOR RELATIONS | Globe Newswire | Edited

TORONTO - Nautilus Minerals has provided an update on the status of its seafloor production system to be used by Nautilus and its partner, Eda Kopa (Solwara) at the Solwara 1 Project site, in the Bismarck Sea off New Ireland.

It will be the world’s first seabed minimg operation.

“The company is pleased by the progress that continues to be made with the construction, trialling and delivery of the seafloor production system,” said Nautilus CEO Mike Johnston.

“The system remains on track for initial production during the first half of 2019, subject to further financing.”

Submerged trials have been completed at the trial facility in Motukea Island in Port Moresby. The results indicate the machine can perform to design specifications.

At the Mawei shipyard, the vessel construction is currently at about 70%. The assembly of three launch and recovery Systems is progressing well.

Stakeholder engagement continues to progress well in Papua New Guinea with a series of visits arranged for provincial government representatives and community leaders to witness the trials at Motukea Island.

The company continues to receive strong local support for the project as a result of its health, education and infrastructure improvement programs and regular awareness meetings in coastal communities.

Subject to further financing, Nautilus aims to develop the world's first commercial high grade seafloor copper-gold mine and launch the seafloor resource production industry during the first half of 2019.


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Bernard Corden

If it has any US involvement the concepts of corporate social responsibility and good governance will be pure hogwash and environmental impact statements are not worth the paper they are written on.

It is yet another example of neoliberalism underpinned by a unilateral doctrine of laissez faire with a malevolent freedom to harm.

It will be pure casino capitalism and the organisation with its cabal of corporate lobbyists and corrupt politicians (please excuse the tautology) will reap the benefits and the community will endure the risk.

Just take a look at coal seam gas with energy prices and coal mining with the resurgence of black lung.

Mathias Kin

After Bougainville and Ok Tedi, this will also be a most imminent disaster.

Michael Dom

The world's first undersea mining disaster is imminent.

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