PNG given more time to squander taxpayers money on experimental seabed mining

Papua New Guinea Mine Watch

PNG has already squandered $117 million of valuable taxpayers money on Solwara 1, Canadian mining company Nautilus is still hoping for more…

Nautilus and State Nominee Agree to Extend Option Exercise Date

Nautilus | Market Watch

Nautilus Minerals Inc. announces that it has agreed to extend by six months the exercise date of the options granted to its joint venture partner in the Solwara 1 Project.

On December 11, 2014, the Company and the nominee of the Independent State of Papua New Guinea, Eda Kopa (Solwara) Limited (a wholly owned subsidiary of Petromin PNG Holdings Limited) formed a joint venture in respect of the Solwara 1 Project. Under the terms of that joint venture, the State Nominee took an initial 15% interest which is fully funded, with the option to take up to a further 15% interest within 12 months upon paying certain amounts pursuant to a formula described in the agreement…

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