14 December 2016
Source: Deep Sea Mining Campaign
Nautilus Minerals pedaled false hope for experimental seabed mining at the PNG Petroleum and Mining Conference in Sydney. NGOs and civil society in PNG raise serious doubt about the commercial and environmental viability of the Solwara 1 seabed mining project.
Natalie Lowrey, Deep Sea Mining campaign said, “Despite securing bridge financing with its two biggest shareholders to continue the Solwara 1 project, Nautilus faces significant technological and financial uncertainties. They are yet to demonstrate that seafloor resource development is commercially viable and environmentally sustainable.”
“The Nautilus Annual Information Form for the Fiscal Year ending 2015 highlights the potential for equipment damage, mechanical failure and operational failure and it warns that the projected yields and costs for Solwara 1 should be viewed with a low level of confidence.”
According to the Form’s section on risk factors, Nautilus has not completed and does not intend to complete a preliminary economic assessment, pre-feasibility study or feasibility study before embarking on mining at the Solwara 1 Site. The Form also acknowledges that the impact of any seabed mining operation on the environment will only be determined by monitoring after Solwara 1 has been developed.