Nautilus Minerals steps closer to releasing PNG funding

Prospective seafloor miner Nautilus Minerals has satisfied one of the conditions precedent to releasing $113-million, which its project partner – the Papua New Guinea government – had paid into escrow in May, representing the balance of the State’s 15% share of capital required to complete the Solwara 1 offshore project up to first production. Nautilus had earlier this year resolved a project funding dispute with Papua New Guinea and signed an agreement with the State’s nominee, Eda Kopa (Solwara), a subsidiary of Petromin PNG Holdings, under which Nautilus agreed to secure certain intellectual property rights and charter a production support vessel.