Deep sea miners terminate pioneering project

Date: November 13, 2012

Source: Nature News Blog

Author: Daniel Cressy

Controversial deep-sea mining company Nautilus Minerals is “terminating the construction” of its flagship project off the coast of Papua New Guinea and laying off staff, it said today.

The company has been embroiled in a dispute with the PNG government over the ‘Solwara 1 Project’, which aimed to extract copper, gold and silver from around 1,600 metres under the sea. In a statement Nautilus said it was no longer willing to pay the full costs of developing this project while its dispute with the government continued. As well as stopping construction of its ‘seafloor production system’, 60 jobs at the company will be lost and any future production at the site will experience “considerable delay” says the company.

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