Nautilus Minerals says Teck Resources has opted not to participate in the exploration of Fijian waters under an agreement signed in 2007. The area was defined as being of regional interest to the two companies, and in August 2011 Nautilus became the first private sector organization to be granted offshore exploration licences in Fiji, covering a total area of about 60,000 sq km.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is developing its first gold, copper and silver project at Solwara 1 in Papua New Guinean waters. It has been granted all the necessary environmental and mining permits.
The company also holds about 600,000sqkm of highly prospective exploration land in the western Pacific, Papua New Guinea, Solomon Islands, Fiji, Vanuatu, Tonga and the international waters in the eastern Pacific.
It is a Canadian-listed company with its corporate office in Brisbane, Australia. The major shareholders in Nautilus include Teck Resources, Metalloinvest - the largest iron ore producer in Europe and the CIS which has a 21% holding - and global mining group Anglo American, which holds an 11% interest.