Nautilus to Receive $113 Million in Escrowed Funds From Papua New Guinea
Nautilus Minerals reported that the government of Papua New Guinea (PNG) will release $113 million – which was placed into escrow on May 2014 – to Nautilus on completion of an agreement between the two parties on December 11.
Nautilus Minerals (TSX:NUS,OTCQX: NUSMF) reported that the government of Papua New Guinea (PNG) will release US$113 million – which was placed into escrow on May 2014 – to Nautilus on completion of an agreement between the two parties on December 11. Investors following the company will recall that Nautilus has previously had disputes with the PNG government over its Solwara 1 project. However, with the government placing funds into escrow earlier this year and releasing them now, it appears that Nautilus now has good state support for the project.
As quoted in the press release:
Completion of the purchase of a 15% interest in the Project by the State’s nominee, Eda Kopa (Solwara) Limited (State Nominee) will now proceed in accordance with the Agreement. The State Nominee and Nautilus have agreed that completion will occur on December 11, 2014, at which time the funds held in escrow (being the US$113 million) will be released to Nautilus and the joint venture between the parties in respect of the Project (Solwara 1 JV) shall be formed. Following completion, a formal celebration will be held and attended by senior State Government Ministers and bureaucrats to mark this significant milestone for the Project.
Nautilus CEO, Mike Johnston, said:
We are excited that the shipbuilding contact has been signed for the construction of the vessel and the first installment paid, which now allows for the release of the State Nominee’s funds from escrow and the formation of the Solwara 1 JV.
Click here to read the Nautilus Minerals (TSX:NUS) press release
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1710.06 | -0.04 | |
Silver | 18.86 | +0.12 | |
Copper | 3.35 | +0.12 | |
Palladium | 1851.50 | -0.50 | |
Platinum | 874.50 | +21.50 | |
Oil | 101.81 | +4.22 | |
Heating Oil | 3.66 | +0.04 | |
Natural Gas | 7.52 | +0.50 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.