Nautilus Minerals announced that the sum of US$113 million has today been released from escrow to Nautilus.
In addition, the joint venture between Nautilus and the nominee of the Independent State of Papua New Guinea in respect of the Solwara 1 Project has now been formed.
Under the terms of the agreement between the parties, the nominee of the Independent State of Papua New Guinea has now fully funded its 15% interest in the Solwara 1 project up to first production.
Mike Johnston, Nautilus’ CEO, commented: “We are excited to have achieved completion under our Agreement and to formally commence our partnership in the Solwara 1 Project with the State’s nominee, Eda Kopa (Solwara) Limited (State Nominee), a wholly owned subsidiary of Petromin PNG Holdings Limited. We appreciate the continued support we have received from the State Nominee in reaching this significant milestone.”
According to the company, the focus of the project will now be to complete the build of the seafloor production equipment and vessel so that Nautilus can make seafloor mining a reality. Nautilus said that it is excited to partner with the State Nominee in the development of this new industry, which will generate significant economic activity within the State and the Province of New Ireland.