Nautilus Minerals

Nautilus Minerals’ directors resign

John McCoach has also resigned as the company’s chief executive officer.

Tariq Al Barwani remains a director of Nautilus and has appointed the company’s CFO, Glenn Withers, as managing director of Nautilus.

As previously disclosed, Nautilus will be delisted from the TSX effective April 3, 2019.

Nautilus to be delisted

Subsea World News reported that the Toronto-based underwater mineral exploration company was unsuccessful to appeal the initial decision by TSX to delist its shares.

Nautilus’ common shares will continue to be suspended from trading on TSX until the company is delisted.

Countdown begins for Nautilus

The company has been struggling for some time as it seeks to force through the first experimental deep sea mining project, Solwara 1, off the coast of Papua New Guinea, despite concerted opposition.

Environmental advocates say Nautilus has been receiving bridging loans from its two main shareholders, Russian mining company Metalloinvest and Omani conglomerate MB Holding.

These loans are due for repayment on the 8th of January.

Advocates say ‘game over’ to Nautilus

Advocates say Nautilus’ aspirations to be the world’s first deep sea miner sink to the bottom of the ocean after MDL Energy’s purchase.

Dr. Helen Rosenbaum, of the Deep Sea Mining Campaign, said: “Nautilus’ Production Support Vessel (PSV) was the centre piece of their model of operation. Without the PSV it’s difficult to see Nautilus ever developing its Solwara 1 project. 

Nautilus gets K1.6m loan

The funding falls under the previously announced loan agreement between Nautilus, two of its subsidiaries and Deep Sea Mining Finance, which provides for a secured structured credit facility of up to US$34 million.

The loans are being provided to fund the Company's working capital requirements and enable it to continue the advancement of the Solwara 1 Project.

With the assistance of its financial advisors, Nautilus is seeking the remaining project financing of up to approximately US$350 million required to complete the development of the Solwara 1 Project.

Nautilus receives additional loan

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.

Nautilus tests new diamond drill rig

The diamond drill rig has been developed to relieve the drilling requirements of its future exploration programs.

Nicknamed the “Hobbit” scout rig, it has so far successfully met design targets in a series of land-based trials.

This wet test program will occur over a two week period and will expand the testing parameters to include submerged operations and mechanical endurance.

The testing will check the operational functionality and the system’s ability to sustain simulated offshore operations at optimal productivity.

Nautilus’ new sediment sampler

Dubbed the “Nautilus Jumping Spider”, the autonomous sediment sampler has been developed to allow the exploration team to significantly increase sediment collection efficiencies from the seafloor while decreasing costs, potentially by an order of magnitude.

The company plans to test its extensive land positions in both PNG and Tonga, totalling an area larger than the land area of the United Kingdom, in the later part of 2018 (subject to financing).

Nautilus SPV launched

The company announced on Thursday that the SPV was launched at the Mawei Shipyard in China where it had been under construction.

Nautilus CEO, Mike Johnston, called the launch a significant milestone for the company and the deep water sea floor mining industry.

“Mawei Yard has designed and built the world’s first deep sea mining production support vessel in cooperation with Nautilus and Marine Assets Corporation. This has involved much discussion, thought and innovation, to produce this magnificent vessel,” said Johnston.

Nautilus completes successful trials in PNG

The company announced on Monday (12th Feb) that it has successfully completed its trials at the Motukea Port outside of Port Moresby.

Mike Johnston, Nautilus’ CEO, said: “The overarching objective of the trials was to ensure that all three machines met the requirements of their respective functional design specifications in submerged conditions.

“Results to date indicate that they do. Analysis is ongoing with a view to complete a full report on the submerged trials by the end of Q1 2018.”