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Nautilus funds unlocked

Staff Reporter | 9:03 PM | |
SEA floor miner Nautilus Minerals announced that US$113 million (K290m) that had been placed into escrow in May would be released to the company next Thursday, on the completion of the sale of 15% of its Solwara 1 project offshore Papua New Guinea to state nominee, Eda Kopa.
Last month, Nautilus had entered into an agreement with Marine Assets Corporation (MAC) for the charter of a vessel, to be first deployed for use at the Solwara 1 Project.
Under the terms of MAC’s agreement with Nautilus, it undertook to  sign a contract with Fujian Mawei Shipbuilding Ltd for the design and construction of the vessel and pay the first installment of the purchase price by no later than Nov 28.
As this had occurred according to plan, Nautilus could now complete the sale to Eda Kopa.
Following completion, a formal celebration will be held and attended by senior government ministers and bureaucrats to mark this significant milestone for the project.
Nautilus’ chief executive officer Mike Johnston commented: “We are excited that the shipbuilding contact had been signed for the construction of the vessel and the first installment paid, which now allows for the release of the State nominee’s funds from escrow and the formation of the Solwara 1 JV.”
He said Nautilus looked forward to working with the state nominee on the project, which will generate significant economic activity within the State and New Ireland.