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Nautilus Minerals (TSX:NUS,OTCQX:NUSMF) has entered an agreement for the first vessel that will be deployed for use at its Solwara 1 project. The delivery of the vessel is expected by the end of 2017, and will be the operational base for the joint venture project, located in the Bismarck Sea of Papua New Guinea.
Nautilus Minerals (TSX:NUS,OTCQX:NUSMF) has entered an agreement for the first vessel that will be deployed for use at its Solwara 1 project. The delivery of the vessel is expected by the end of 2017, and will be the operational base for the joint venture project, located in the Bismarck Sea of Papua New Guinea.
As quoted in the press release:
Under the terms of the arrangement, MAC will enter into a contract with Fujian Mawei Shipbuilding Ltd., based in Fujian province in south-eastern China, to design and construct the vessel in accordance with Nautilus’ specifications (Shipbuilding Contract). The Shipbuilding Contract is expected to be signed by no later than 28 November 2014. A US$10M deposit is payable by Nautilus to MAC following the payment by MAC of the first installment under the Shipbuilding Contract. A further charterer’s guarantee of US$18M will be provided to MAC by the Solwara 1 JV on the commencement of the charter of the vessel.
Nautilus CEO, Mike Johnston, said:
We are excited to achieve this significant milestone and secure a vessel contract with such an experienced vessel provider as MAC. We appreciate the continued support we have received from Eda Kopa, our joint venture partner, in reaching this milestone and, together with them, look forward to working with MAC and the shipyard in seeing the delivery of our first vessel and making seafloor mining a reality.
Click here to read the Nautilus Minerals (TSX:NUS,OTCQX:NUSMF) press release