Nautilus Minerals to Acquire Production Support Vessel
Pte Ltd (MAC) and the integration costs of installing the mining equipment on the PSV.The Vessel JV would own and operate the fully integrated PSV. The Vessel JV would charter the PSV to the existing Solwara 1 joint venture between NMN and the Independent State of Papua New Guinea’s nominee, Eda Kopa (Solwara) Limited.As previously disclosed, Nautilus has been notified by the owner of the shipyard, Fujian Mawei Shipbuilding, where the PSV is being built, that the Shipyard has rescinded the shipbuilding contract between the Shipyard and MAC, the contractor engaged by Nautilus to procure the PSV
Nautilus Seafloor Production Tools Arrive in Oman
Nautilus Minerals Inc. announced, on behalf of the Solwara 1 Joint Venture (comprising Nautilus 85 percent and Eda Kopa (Solwara) Limited 15 percent, a subsidiary of Petromin Holdings PNG), that the three Seafloor Production Tools (SPTs) have arrived safely at Duqm Port in Oman. The three SPTs are scheduled to undergo extensive wet testing at Duqm Port. The testing is one of the next major steps in the progession towards seafloor production, and will involve submerged testing of: Control systems operations and feedback Hydraulic functions Collection system functions Survey and
New Seafloor Production Tools for Nautilus
Nautilus Minerals Inc. announced that the Solwara 1 Joint Venture (comprising Nautilus 85 percent and Eda Kopa (Solwara) Limited 15 percent) has taken delivery of the three Seafloor Production Tools (SPT) from Soil Machine Dynamics Limited’s (SMD) facility in Newcastle upon Tyne. The three SPTs are now en route to Oman, where they are scheduled to undergo extensive wet testing at Duqm Port. The Company plans to use the SPTs to cut and extract high grade copper and gold from the seafloor at the Solwara 1 Joint Venture’s project site in the Bismarck Sea, Papua New Guinea, with
Nautilus Moves Closer to Securing Escrowed Funds
Minerals Inc. announced it has satisfied the first of the two conditions precedent to its agreement with the nominee of the Independent State of Papua New Guinea to secure certain intellectual property rights. In May 2014, the company announced that following the State nominee, Eda Kopa (Solwara) Limited, paying $113 million into escrow for its 15% interest in the Solwara 1 Project up to first production, Nautilus was to secure for the State’s nominee certain intellectual property rights and the charter of a Production Support Vessel in order for the escrowed funds to be released
February 2025
