Nautilus still short of funds to start experimental seabed mining

Nautilus Minerals still does not have enough money to start its seabed mining experiment in Papua New Guinea – despite receiving $113 million from PNG taxpayers!

Nautilus Minerals Announces Financial Results for Q1 2017

Junior Mining Network | 10 May 2017

Nautilus Minerals Inc. announces the release of its unaudited consolidated Financial Statements for the first quarter ended March 31, 2017, together with Management’s Discussion and Analysis.

2017 Significant Events to date

  • Received US$4 million through the US$20 million bridge financing facility provided by the Company’s two largest shareholders.
  • Announced the arrival of the Seafloor Production Tools (SPTs) in PNG.
  • Announced the arrival of the LARS and ancillary equipment to the Mawei shipyard in China.
  • US$19.5 million in cash and cash equivalents as at March 31, 2017.

Mike Johnston, Nautilus’ CEO, commented, “It was very pleasing to see the SPTs arrive in PNG where they will undergo submerged trials in the coming months. We now remain focused on the build of the Production Support Vessel and the integration of the rest of the equipment on it. Subject to further financing, we remain on schedule to develop the world’s first commercial high grade seafloor copper-gold mine at the Solwara 1 project site in Q1 2019*.”

*subject to further financing


1 Comment

Filed under Mine construction, Papua New Guinea

One response to “Nautilus still short of funds to start experimental seabed mining

  1. Bri Good

    ‘In the colonial towns, construction in coral stone was utilized in a number of versatile ways. The walls of churches, government buildings, the first story of commercial buildings and the barriers around property were constructed of natural, unplastered coral stone. Such use of this building material is an age- old tradition utilized first in Mediterranean countries and then in the Caribbean, said the Department of Planning and Natural Resources, Division of Historic Preservation.’ The Virgin Islands Daily NEWS, about a year ago.

    President, Duterte has announced a ban on all new open pit mining in PI.

    El Salvador also bans all mining of heavy metal like gold, silver etc.

    Things look bad. I think I’ll buy a Gold Rolex.


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