Nautilus receives additional loan

Nautilus Minerals has received a loan from Deep Sea Mining Finance Ltd. in the principal amount of US$1.3 million (K4 million).

The loan is made under the previously announced loan agreement between Nautilus, two of its subsidiaries and Deep Sea Mining Finance Ltd.

Deep Sea Mining Finance Ltd is providing Nautilus a secured structured credit facility of up to US$34 million (K105 million).

The loans will fund the Company's working capital requirements to continue the advancement of the Solwara 1 Project while the Company seeks the remaining project financing of up to approximately US$350 million to complete the development of the project.

Meanwhile, Nautilus Chairman, Tariq Al Barwani, has congratulated Nautilus PNG Country Manager, Mel Togolo, for being named in the Queen’s Birthday Honors List.

Togolo has been knighted by the Queen for service to economic development, particularly in the mining and petroleum sectors, and to the community.

Barwani said: “It is our pleasure to congratulate Mel for this much deserved knighthood. He has worked tirelessly over the past 40 years with services to industry, commerce and society in PNG.

“We appreciate his contribution and dedication to Nautilus over the past 12 years with his strong belief that together we can make a positive difference to the people of Papua New Guinea and the world.

“We look forward to his continued support as we strive towards making Nautilus a reality.”

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Cedric Patjole