Nautilus Seeks Financial Protection

Date: March 14, 2019

Source: Deep Sea Mining Campaign

On 11 March 2019, Nautilus Minerals Inc. took the next step in its bankruptcy proceedings, seeking court protection from creditors under the Canadian Companies’ Creditors Arrangement Act (CCAA). Having conducted a pre-filing on 21 February, that protection was extended to 28 June at the court ‘Comeback Hearing’.  

Andy Whitmore of the Deep Sea Mining Campaign said “For some time, our campaign has been highlighting the precarious nature of Nautilus’ financial situation.[1] The company has been on a drip-feed of loans from its two main shareholders, Russian mining company Metalloinvest and Omani conglomerate MB Holding. Incapable of naming a mining start date, with growing local opposition to its proposed Solwara 1 mine in Papua New Guinea and no operational capacity, Nautilus has failed to deal with its growing debt.”[2]

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