Nautilus Minerals Inc. (Nautilus) announces that contrary to the arbitrator’s award of 2 October 2013, the Independent State of Papua New Guinea has not completed the purchase of its 30% interest in the Solwara 1 Project.
In accordance with the State Equity Option Agreement signed by the parties in March 2011, Nautilus has terminated the Agreement and will now claim damages.
Solwara 1 Project is located at 1600 metres water depth in the Bismarck Sea, New Ireland Province. It will be the world’s first deep-sea mining project. The deposit is a high grade copper-gold resource and the world’s first seafloor massive sulphide (SMS) resource.
Nautilus continues to seek an amicable resolution of the dispute with the State.
Press Release, February 17, 2014; Image: Nautilus