Nautilus Minerals - Developing The World's First Deep-Water Metalliferous Hard Rock Mine

Rogers, Steve
Organization: Society for Mining, Metallurgy & Exploration
Pages: 4
Publication Date: Jan 1, 2008
Nautilus Minerals was listed on the Toronto Stock Exchange in May 2006. The company now has major mining companies Anglo America (5.7%), Teck Cominco (7.2%) and Epion Holdings (22.4%) as significant shareholders, and has raised approximately $US346 million dollars to develop the world's first deep-water mine. The company is currently targeting high-grade copper and gold in seafloor massive sulphide mineralization, located near plate boundaries in back-arch basins of the Western Pacific. The first mine scheduled to be developed by the company is located in 1,600 meters of water at Solwara 1, in the relatively quite waters of the Bismarck Sea approximately 50 km from the port of Rabaul, within the Territorial Waters of Papua New Guinea. During 2006 and 2007 the company completed detailed environmental and geological studies, culminating in a number of world firsts, including the world?s first NI 43-101 compliant resource statement and environmental impact study for a seafloor massive sulphide system. Permitting is well advanced for the project, with initial production scheduled for late 2010, subject to timely grant of the permits. Extensive government and stakeholder liaison and engagement has been undertaken throughout the projects life, and is a core feature of Nautilus' desire to "do it right" in all aspects of this new industry.
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