Solwara 1 project

Wright resigns from Nautilus

The Company announced last night that Wright’s resignation is effective as February 26th 2018.

CEO Mike Johnston said Wright played a significant role over the last three and a half years in the areas of project management, stakeholder and government engagement and corporate social responsibility.

“We would like to thank him for the valuable contributions he has made to Nautilus’ progress to date and wish him well in his future endeavours,” said Johnston.

Nautilus arranges bridge loans

The company announced on Monday that it has arranged for US$7 million to assist its immediate working capital requirements and facilitate payments required to continue the development of the seafloor production system.

The seafloor production system will be first utilized at the Solwara 1 Project outside New Ireland Province.

Nautilus says 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 on terms currently being negotiated.  

Nautilus continues to seek finance

In its latest statement on December 20th, the company says discussions with various parties and major stakeholders have taken longer than expected but the Company remains positive that the discussions will be concluded soon.

This follows on from its similar announcement on December 4th where they also extended a funding deadline.

In September the company announced that an additional funding of US$41 million (K125 million) was needed before the year’s end to complete the build and deployment of the seafloor production system.

Chan reaffirms stance against Solwara 1 project

This was reaffirmed by NIPG after Loop PNG published an article questioning the governor’s stance.

In response, Loop PNG was told that the provincial government has been demanding that an independent environmental impact study be conducted and the findings be made known to NIPG.

Villagers oppose Solwara 1 project

John Merebo, a Messi villager, revealed to Loop PNG that West Coast New Irelanders were never part of the agreement when it was signed.

The seabed mining agreement was signed in 2012 by the then Mining Minister and Namatanai MP Byron Chan, the New Ireland Provincial Government and National Government.

He said they do not want the development of the project to go on because they do not see any benefits in it.

“There is not a lot of economic activity out of the project because everything will be done by the company offshore.”

Karkar Islanders against seabed mining: Leader

This was the message from senior statesman Sir Arnold Amet.

His message was relayed by Member for Madang Brian Kramer at the School of Natural and Physical Sciences forum at UPNG’s main lecture theatre recently. 

Kramer, who was just there as an observer, relayed Sir Arnold’s written speech as he was unable to attend the forum.

Sir Arnold says the Karkar Island, where he comes from, is located in the western part of the Bismarck Sea. Therefore, he and the islanders are pledging their support in the stand against the development of seabed mining.

Seabed mining would be disastrous: Prof

The Solwara 1 project is an “experimental project” and is expected to be a reality in PNG in 2019.

During a discussion forum at the UPNG main lecture theatre yesterday, Professor Chalapan Kaluwin, acting Dean UPNG, pointed out that the project by Nautilus Minerals is a new global concept.

He says the developer is pursuing it because it is an investment, but what about the sustainability of the ocean resources and the livelihood of the people?

VIDEO: Solwara 1 update

President and CEO for Nauitlus Minerals, Mike Johnston stated this during the PNG Mining and Petroleum Conference when giving an update about Nautilus' vision for the future of Deep Sea Mining.

 

Salome Vincent with more 

 

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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.