NAUTILUS Minerals says it has agreed to extend by six months the exercise date for options granted to its joint venture partner in the Solwara 1 Project.
Last December, the company and state nominee, Eda Kopa Ltd, a subsidiary of Petromin PNG Holdings Ltd, formed a joint venture for the deep-sea mining project.
Under the terms of the venture, Eda Kopa took an initial 15 per cent interest with an option to take up additional 15 per cent interest within a year on paying certain amounts pursuant to a formula described in the agreement.
The option was exercisable in three 5 per cent lots within six, nine and 12 months respectively from the date the joint venture was formed.
If Eda Kopa does not exercise any of the five per cent options within the relevant time period then that option and any subsequent options are deemed to have lapsed.
To facilitate further discussion between the Nautilus and Eda Kopa, the Canadian subsea miner has agreed to extend the exercise date of the three five per cent options by six months respectively.