Prospective experimental seabed mining company, Nautilus Minerals, is to remain on life-support after it was rescued Monday by another $500,000 loan from its principal shareholders.
The longer-term future still looks bleak though, with its part-built mining support vessel already sold-off by the ship builder, and $5 million in funding needed before it can resume even basic company operations…
Nautilus Receives Us500, 000
Post Courier | January 18, 2019
Deep Sea Mining Finance has lent Nautilus US500, 000 (K1.6m) to meet its short term funding obligations.
According to Nautilus’s corporate update this funding now will allow the company to assess its options, including various restructuring options while waiting to receive a US5million loan (K16m).
This loan if received would enable Nautilus to continue operations.
In its last week’s update the company stated that they are still in discussions with an arm’s length party to secure this loan.
The company also advises that a further press release will be made once these funds have been received later this week and further updates will be provided as circumstances warrant.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver.
The Company has also been granted its environmental permit for this site. Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.