Nautilus Minerals secures $US34m for deep-sea mining in PNG

Date: June 12, 2018

Source: Australian mining
Author: Ewen Hosie

Nautilus Minerals has entered a $US34 million ($45 million) agreement with lender Deep Sea Mining Finance for deep-sea mining development in Papua New Guinea.

Canada-based Nautilus — which possesses a corporate office in Brisbane — is responsible for the Solwara 1 deep sea mining project in Papua New Guinea; the company plans to utilise the loan as part of an overall $US350 million ($461 million) in project funding requirements.

Lender Deep Sea Mining Finance is a private aggregate of two companies: USM Finance and Mawarid Offshore Mining.

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