Nautilus Minerals: Progress made on our Solwara 1 Project in Papua New Guinea

"Seafloor mining provides significant potential economic benefits for many Pacific nations that may be "land poor" but "coastline rich," meaning they have the potential to utilize and profit from the mineral wealth within their Exclusive Economic Zones that extend 200 nautical miles (360 km) out from their coastlines. The Independent State of Papua New Guinea (the State) recognizes this tremendous opportunity and is taking a leadership role in this emerging industry by becoming a 15% partner in Solwara 1 (with an option to increase their investment to 30%).The Solwara 1 Project has been gaining momentum since Nautilus Minerals and the State signed an Agreement on April 24. This new agreement with the State in which they have staked a minimum 15% interest as a meaningful partner, underscores the State’s continued and widespread support for the Project. Signing of this Agreement was a historical occasion and a milestone achievement for Nautilus Minerals and the people of PNG.The machinery being built for the Solwara 1 Project is taking shape. The Seafloor Production Tools are now over 90 percent complete. Assembly of the biggest tool, the Bulk Cutter, was completed in April this year and assembly work on the Collecting Machine and the Auxiliary Cutter commenced in May and June this year respectively. The Riser and Lifting system, which will be used to transfer the mined material from the seafloor to the surface within an enclosed system, is over 50 percent complete. The critical path for the Solwara Project is to secure a suitable vessel arrangement. Nautilus aims to have this completed by the end of this year."