Mining Weekly reported that Nautilus Minerals (TSX:NUS) has shrugged off critiques of its underwater mining project from environmentalists. The company has called a critique that came out on Monday unscientific and full of errors, according to the news outlet.
To be sure, Nautilus Minerals is one of the more interesting mining companies out there. Its project, Solwara 1, lies on the seafloor near Papua New Guinea, where the company is planning to mine high-grade copper and gold deposits.
Nautilus Minerals Inc. (TSX:NUS,OTCQX:NUSMF) announced its financial results for the first quarter of 2014, commenting that significant events include confirmation of the nodule deposit grade and extent of the Clarion Clipperton zone.
Nautilus Minerals Inc. (TSX:NUS,OTCQX:NUSMF) announced that Papua New Guinea’s nominee for participation in the company’s Solwara 1 project has put US$113 million into escrow. That’s the balance of the money required for the nominee to take a 15-percent stake in the project.
As China prepares for its once-a-decade leadership change, copper investors are cautious, waiting for signs of whether the country will expand stimulus. Meanwhile, the prospect of scheduled tax hikes and spending cuts in the US in 2013 — known as the “fiscal cliff” — put a damper on hopes that
China’s industrial output has reached a three-year low. That is seen by some copper traders as a blessing as it may push Beijing to once again take steps to stimulate economic growth, which in turn should drive up copper demand.
Japanese researchers have announced a large-scale offshore rare earth discovery, leading investors to question whether an extraction project is feasible or nothing more than a pipe dream.
Underwater mining for copper has great potential, and countries are scrambling to ensure that they are in the game. The future of private companies invested solely in the business of deep sea copper mining can easily be swayed by a single deal.
Mining Weekly.com reports that Nautilus Minerals (TSE:NUS), which was awarded the world’s first deep-sea mining lease last month by the government of Papua New Guinea, said on Friday it has identified a second potential development project in the Bismarck sea.