Nautilus Minerals Inc

Nautilus liquidation looming

The company revealed this when announcing that they, along with its subsidiaries, have obtained an order of the Supreme Court of British Columbia in Canada to convene a meeting of creditors to vote on a plan of arrangement.

This includes an acquisition agreement and the filing of a plan of compromise and arrangement.

Nautilus Minerals announced yesterday that the granted court order was given under the Companies’ Creditors Arrangement Act authorizing:

Seabed mining advocates claim another victory

Whilst claiming this as a victory in their decade-long campaign to stop the Nautilus Solwara 1 Project in the Bismarck Sea, local communities and civil society in Papua New Guinea are taking heed that the fight is not over until all Nautilus licences are cancelled.

“This is very welcome news!” stated Jonathan Mesulam, Alliance of Solwara Warriors whose village on the west coast of New Ireland Province is situated only 25km from the Solwara 1 project.

Nautilus’ future remains dim

In its January 8th corporate update, Nautilus said it must receive the loan, or another source of funding, on or before January 14, 2019, in order for the Nautilus group of companies to continue operations.

“There can be no assurances that the company will receive the necessary funding by that date,” stated Nautilus.

Govt urged to follow Anglo American’s lead

The call has been made by the Alliance of Solwara Warriors following the May 4th announcement of the diversified miner in the Financial Times.

In a statement the Alliance of Solwara Warriors said the Government should “take heed of Anglo-American’s action as a professional example and withdraw its 15 percent share while there is still some value (K0.51 May 10th 2018)”.

“This is a clear indication of loss in investor confidence in the Solwara 1 Project and experimental seabed mining in PNG.

New Irelanders satisfied with seabed mining campaign

They noted the overwhelming support from the national, regional and international organisations, including from prominent leaders.

Former minister joins opposition against seabed mining

Sir Arnold Amet says it is understandable that Nautilus shareholders want to protect their own financial interests but new investors should beware - the Solwara 1 project is very high risk.

“The muddy puddle at the so-called test site at Motukea Island is not fit for purpose. It will not provide any evidence that these machines won't malfunction at the intended operating depth of 1.6km. The hulks are already deteriorating in our tropical conditions,” points out Sir Arnold.

K1bn needed for Solwara 1

Nautilus Minerals Inc. revealed this when announcing the appointment of its exclusive financial advisor – Deep Sea Mining Finance Ltd (DSMF).

In a statement, the Canadian company indicated that a remaining project financing of US$350 million was needed, which DSMF will be leveraging, to complete the build and deployment of the seafloor production system to be utilised at the Solwara 1 Project.