Nautilus short of US$200 million

Date: June 13, 2016

Source: Papua New Guinea Mine Watch

Prospective seabed mining company Nautilus Minerals does not have the US$200 to US$225 million it needs to complete the construction of its giant floating production support vessel. This makes the future of its proposed experimental Solwara 1 mine in Papua New Guinea look increasingly uncertain.

Nautilus Minerals needs another $200 million to complete its mining ship

According to the company’s Chief Financial Officer, Shontel Norgate, quoted in an article in the Northern MinerSolwara 1 requires a total capital expenditure of $383 million but Nautilus is short by US$200 – $225 million. This means it does not have the funds it needs to complete the construction of its support ship.

Nautilus attempted to raise US$100 million in a rights offering in April, but that was a unmitigated disaster. Only 27% of the total shares on offer were sold, raising just $28 million.

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