Nautilus Minerals

This was the view shared by seabed mining advocates, together with locals of West Coast Namatanai and representatives of Duke of York Islands, East New Britain Province, during an open forum in Namatanai.

After the gathering, a joint statement was issued, saying: “As New Irelanders we have two world class mining in Lihir and Simberi gold mine. We have logging operations and oil palm industry operating in the Province. We have run down plantations that can be used for cocoa or copra project that support local people.

John McCoach has also resigned as the company’s chief executive officer.

Tariq Al Barwani remains a director of Nautilus and has appointed the company’s CFO, Glenn Withers, as managing director of Nautilus.

As previously disclosed, Nautilus will be delisted from the TSX effective April 3, 2019.

Subsea World News reported that the Toronto-based underwater mineral exploration company was unsuccessful to appeal the initial decision by TSX to delist its shares.

Nautilus’ common shares will continue to be suspended from trading on TSX until the company is delisted.

The company has been struggling for some time as it seeks to force through the first experimental deep sea mining project, Solwara 1, off the coast of Papua New Guinea, despite concerted opposition.

Environmental advocates say Nautilus has been receiving bridging loans from its two main shareholders, Russian mining company Metalloinvest and Omani conglomerate MB Holding.

These loans are due for repayment on the 8^th of January.

Advocates say Nautilus’ aspirations to be the world’s first deep sea miner sink to the bottom of the ocean after MDL Energy’s purchase.

Dr. Helen Rosenbaum, of the Deep Sea Mining Campaign, said: “Nautilus’ Production Support Vessel (PSV) was the centre piece of their model of operation. Without the PSV it’s difficult to see Nautilus ever developing its Solwara 1 project. 

The funding falls under the previously announced loan agreement between Nautilus, two of its subsidiaries and Deep Sea Mining Finance, which provides for a secured structured credit facility of up to US$34 million.

The loans are being provided to fund the Company's working capital requirements and enable it to continue the advancement of the Solwara 1 Project.

With the assistance of its financial advisors, Nautilus is seeking the remaining project financing of up to approximately US$350 million required to complete the development of the Solwara 1 Project.

The loan is made under the previously announced loan agreement between Nautilus, two of its subsidiaries and Deep Sea Mining Finance Ltd.

Deep Sea Mining Finance Ltd is providing Nautilus a secured structured credit facility of up to US$34 million (K105 million).

The loans will fund the Company's working capital requirements to continue the advancement of the Solwara 1 Project while the Company seeks the remaining project financing of up to approximately US$350 million to complete the development of the project.

The diamond drill rig has been developed to relieve the drilling requirements of its future exploration programs.

Nicknamed the “Hobbit” scout rig, it has so far successfully met design targets in a series of land-based trials.

This wet test program will occur over a two week period and will expand the testing parameters to include submerged operations and mechanical endurance.

The testing will check the operational functionality and the system’s ability to sustain simulated offshore operations at optimal productivity.

Dubbed the “Nautilus Jumping Spider”, the autonomous sediment sampler has been developed to allow the exploration team to significantly increase sediment collection efficiencies from the seafloor while decreasing costs, potentially by an order of magnitude.

The company plans to test its extensive land positions in both PNG and Tonga, totalling an area larger than the land area of the United Kingdom, in the later part of 2018 (subject to financing).

The company says it is in active discussions with third parties and financial advisors as it considers numerous financing structures and alternatives.

The company announced early this week that it has entered into an amending agreement with its advisor, M. Horn & Co. Ltd., to provide the services under the existing funding mandate agreement on a non-exclusive basis.

Nautilus said previously the advisor was engaged on an exclusive basis.