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October 24, 2021
News

Nautilus Solwara 1 in favourable talks

Controversies behindthe development ofthe first deep sea mine in Papua New Guineais expected to take on a positive turn.

The mine operator, Nautilus Minerals said production is like to start in next year. This follows favourable talks with landowners andthe government.

The Deep Sea Mine referred to asthe Solwara 1 project was halted last year after questions surfaced regardingthe government’share inthe project.

The government has a thirty percent stake inthe project and is yet to pay up One Hundred and Eighty One million kina. That wasthe main reason for an arbitration hearing.

The twenty four month period is a rough time frame but that will depend onthe outcome ofthe arbitration hearing scheduled for August this year.

Nautilis Minerals’ share price took a dive whenthey announcedthe work stoppage last year. Bet that has not preventedthe company from seeing this project through.

Solwara 1 has been dubbed a controversial project but Nautilus stressed thatthey are open to opinions.

The company is inthe process of structuring an environmental management plan.

The project is located forty kilometers offthe coast of New Ireland inthe Besmarck Sea and it is about sixteen hundred meters below low sea level.

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