Nautilus Minerals Limited has announced the appointment of Tariq Al Barwani to the role of non-executive Chairman.
Al Barwani joined the Company’s board in May 2016 and is a director and shareholder of MB Holding Company LLC, and Chief Executive Officer of Mawarid Mining LLC, a wholly owned subsidiary of MB Holding Company.
MB Holding Company is Nautilus’ largest shareholder.
Al Barwani has a Bachelor of Science degree in Geology from Imperial College, United Kingdom, and a Masters in Business Administration specializing in strategy and leadership from McGill University in Canada
In parallel to Al Barwani’s appointment, the company’s Board of Directors has also embarked upon a process of Board renewal, looking to appoint additional new independent directors.
The move aims to expand the Board’s skill sets to support the financing and delivery of the world’s first deep sea mine.
The announcement follows the company’s notice that it has arrange bridge loans to the tune of K21 million (US$7 million) to assist its immediate working capital requirements and facilitate payments required to continue the development of the seafloor production system to be used at the Solwara 1 Project.
The bridge loans are expected to form part of a larger secured structured credit facility of up to US$34 million (K104 million) to be provided by the lender, Deep Sea Mining Limited, on terms currently being negotiated.