Nautilus Minerals advises that contrary to the arbitrator’s award of October 2, 2013, the Independent State of Papua New Guinea has not completed the purchase of its 30% interest in the Solwara 1 Project. Therefore, in accordance with the State Equity Option Agreement signed by the parties in March 2011, Nautilus has terminated the agreement and will now claim damages.
Nautilus says that it continues to seek an amicable resolution of the dispute with the State.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of PNG, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
Nautilus also holds approximately 500,000sqkm of highly prospective exploration acreage in the western Pacific - in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga - as well as in international waters in the eastern Pacific.
A Canadian registered company, Nautilus is listed on the TSX and OTCQX. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman-based group with interests in mining, oil & gas, which holds a 28.00% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.75% holding and global mining group Anglo American, which holds a 5.95% interest.