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Nautilus first ore shipment in 2018

Admin | 4:19 PM |
CANADIAN miner Nautilus Minerals Inc is set to deliver its first shipment of ore to China from Solwara 1 project in New Ireland in 2018.

The company’s December market report confirmed finalisation of the first sale with Tongling Nonferrous Metal Group Co Limited from its deep sea mine.

The deal was first entered into on April 21, 2012, with the signing of the heads of agreement for the sale of the product extracted from the Solwara 1 deposit.

Following detailed negotiations the terms of the HOA will now be replaced with the Master Ores Sales and Processing Agreement just signed off on.

Nautilus chief executive officer Mike Johnston said: "This new agreement provides improved terms for both Nautilus and Tongling and can be truly described as a win-win outcome.

"The MOSPA gives greater flexibility to Tongling with respect to its operations, while providing Nautilus with certainty and an improved net smelter return.

"I am delighted to be continuing our relationship with Tongling as a key business partner supporting the development of the world’s first seafloor massive sulphide mining project."

Vice-President of Tongling Nonferrous Metals Group Co. Ltd Zhan Deguong also hailed the signing.

"Tongling Nonferrous Metals Group has a long history of technological innovation, and is committed to the green economy where waste streams are minimised and value is realised on all components of the material. Our modern world class processing facilities will allow us to extract maximum value making this win-win agreement possible.

"We are very proud to support Nautilus in the development of Solwara 1, a ground breaking project which signals a new era in the mining industry," he said.