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Greenpeace organized a peaceful demonstration on the protection of the ocean outside the headquarters of the ISA. Photo ENB.

From the Editor: Big moves at the second part of the 25th Session of the International Seabed Authority

Last week saw the conclusion of the 25th Session of the International Seabed Authority. Though much progress was made, significant work still lies ahead to meet to self-imposed 2020 deadline for implementing the draft exploitation regulations. As always, the Earth Negotiations Bulletin has provided a comprehensive summary of the overall meeting as well as day-to-day […]

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International Seabed Authority internship associate legal officer environmental management plans Women and girls in science ISA Releases Stakeholder Submissions to Draft Exploitation Regulations

From the Editor: Following up with Nautilus Minerals and the release of the draft mining code.

The slow decline of Nautilus Minerals continues without much change. I reached out to several contacts both at Nautilus’s corporate offices and to colleagues within Papua New Guinea. Since last month, most of the board of directors and the current CEO have resigned, Nautilus was delisted from the Toronto stock exchange, and previously responsive sources […]

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Directors exit seabed mining company

Radio New Zealand | 9 April 2019 Last week, Nautilus Minerals had its common shares delisted from the Toronto Stock Exchange (TSX) even as it seeks to sell off its assets. In a note to the TSX last Wednesday, the company said four of its directors had resigned, including chief executive John McCoach. Read the […]

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A snail relocation experiment near Solwara I. Photo courtesy Nautilus Minerals.

Is this the end of Nautilus Minerals?

Last month brought grim news for the struggling Nautilus Minerals, once hailed as the world’s first viable deep-sea mining company. While ISA delegates were gathered in Jamaica, news broke that Nautilus secured relief from its creditors while it sought to restructure the company. Nautilus’s assets, including equipment, intellectual property, and mining leases are being auctioned […]

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Nautilus and DSMF extend the maturity date of the existing secured loan facility

VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) — Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus“) and Deep Sea Mining Finance Ltd. have agreed to extend the maturity date of the existing secured loan facility which is currently due on February 8, 2019, for 28 days ending on March 8, 2019. The […]

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Nautilus Provides Corporate Update

Vancouver, British Columbia, January 8, 2019 – Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus“) provides the following corporate update. Nautilus and Deep Sea Mining Finance Ltd. have agreed to extend the maturity date of the existing secured loan facility which is currently due on January 8, 2019, for 30 days ending on February […]

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Cooks legislation

Seabed mining project in PNG gets $500,000 loan

Radio New Zealand | 27 December 2018 A troubled deep sea mining project in Papua New Guinea has been given a loan of nearly $US500,000. Nautilus Minerals plans to mine the floor of the Bismarck Sea between New Ireland and New Britain. The Canadian company has faced opposition from environmental and community groups, and has […]

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Barnacles attached to hydrothermal vent spires feeding at Kawio Barat. Critics of the Solwara 1 project raised concerns about its potential impact on the ecosystems that center on hydrothermal vents. Image courtesy of NOAA Okeanos Explorer Program, INDEX-SATAL 2010

After the loss of a ship, deep sea mining plans for PNG founder

David Hutt for Monga Bay | 26 December 2018 An ambitious plan to mine precious minerals from the ocean floor off the coast of Papua New Guinea looks to have run aground due to the developer’s financial problems. In 2011, the government of Papua New Guinea granted Canada-based Nautilus Minerals a 20-year mining license covering […]

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The MV Nor Sky, a vessel chartered in 2008 by Nautilus Minerals to conduct environmental assessment at Solwara I, steams past the Tavurvur volcano near Rabaul. 

For Nautilus Minerals, the debt comes due.

2018 was supposed to be the year for Nautilus Minerals. Their three seafloor production tools—large underwater robots capable of mining seafloor massive sulphides from 1600 meters depth—were finally in hand and undergoing submerged testing. Their ship, the Nautilus New Era, was nearing completion. They had only a few hurdles left to clear before beginning production […]

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