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.