Nautilus makes gains on seabed mining plans in PNG

Nautilus is making significant ground with its plans to develop the world’s first ever deep sea mine in Papua New Guinea.

Among the gains is the completion of its sea floor production tools, which are currently being trialled at Motukea Island outside Port Moresby.

In addition to this the firm recently reported to shareholders at its annual general meeting that company chairman Russell Debney had stated work on its production support vessel (PSV) which is now 64 percent complete.

Responding to questions by the Post-Courier a company spokesperson said: “The PRSV is currently completed to deck level.

“Nautilus is not paying for the build of the PSV. Marine Assets Corporation (MAC), a marine solutions company based in Dubai which specialises in the delivery of new build support vessels for the offshore industry, will own and provide the marine management of the vessel.”

“The vessel will be chartered to Nautilus for a minimum period of five years at a rate of US$199,910 per day, with options to either extend the charter or purchase the vessel at the end of the five year period,” the company spokesperson said.

Debney had also announced at the meeting in Toronto, Canada that the firm had also delivered the launch and recovery equipment (LARS) to the Mawei shipyard in China.

The firm explained LARS consists of very large A-frames, lift winches, hydraulic power units, electric power units and deck control cabins.

It will be used to launch and stabilise the SPT during deployment from the vessel down to the seafloor and during retrieval from the seafloor back up to the vessel.

Meanwhile, the firm has assured it will be conducting awareness programs on the SPT which are being trialled at Motukea about August/ first week of September.

“It all depends on when the elections are over and the new government is formed,” the miner advised.


SOURCE" POST COURIER/PACNEWS