Thursday, April 24, 2014

First commericial deep sea mine

Via Frank

First seabed mine to go ahead as Nautilus solves dispute with PNG

Canadian seafloor miner Nautilus Minerals (TSX:NUS), which won the first lease to mine the ocean floor for gold and copper, said Thursday it has resolved a long-dragged dispute with Papua New Guinea.

The deal, said Nautilus, allows its Solwara 1 gold, copper and silver underwater project to finally move towards production.

Under the agreement, the PNG government paid Nautilus $7 million, which entitles it to a 15% stake in the project, with an option to increase it by another 15% in the next 12 months.

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