Papua New Guinea Reinforces Support for Nautilus’ Solwara 1 Project

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 quoted in the press release:

With the State’s nominee, Eda Kopa, having paid into escrow the funds for its 15% interest in the Project up to first production, Nautilus must now secure the charter of a Production Support Vessel and secure for Eda Kopa, certain intellectual property rights within 6 months. The funds will be released to Nautilus on the satisfaction of both conditions.

The Company will now focus its attention on securing a suitable vessel arrangement and is continuing its discussions with potential vessel partners, while also undertaking a tender process with shipyards experienced in building offshore construction vessels.

Mike Johnston, CEO of Nautilus, commented:

[T]he fact that the State’s nominee has placed the money into escrow well in advance of the 31 July deadline in the Agreement further demonstrates the support the State now has for the Project, as we continue to work together as partners in this new deep sea mining industry.

Click here to read the full Nautilus Minerals Inc. (TSX:NUS,OTCQX:NUSMF) press release.

Click here to read Copper Investing News’ recent coverage of Nautilus.