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 have gone quiet.
The question on my mind is, with a 15% stake in the Solwara I prospect, what financial liability with the government of PNG shoulder with the collapse and fire sale of Nautilus’s assets? According to PNG’s Mining Minister, despite their setbacks, Nautilus remains in compliance with the government of Papua New Guinea.
While one deep-sea mining venture falters, significant advances emerged regarding polymetallic nodules, with the release of the Draft Regulations on Exploitation of Mineral Resources in the Area. This draft mining code is among the most important policy instruments for resource extraction on the sea floor. In the next few issues, the Deep-sea Mining Observer will dig deep into the current draft regulations.
Watch Secretary-General Lodge discuss the draft mining code, below: