Nautilus Minerals intent on deep sea mining, despite cancelling government agreement, says its CEO.
Nautilus Minerals
Four new mines to come on stream within 10 years, Corruption Commission next year and other local and regional stories.
The O’Neill government seeks legal advice on the Nautilus ruling and other local and international stories.
Even if the PNG Government puts up its share of the funds for the Solwara I, as Nautilus Minerals’ CEO expects, it will be at least two to three years before the company can begin its deep sea mining operation in the Bismarck Sea.
Nautilus Minerals says it will go ahead with its high grade copper-gold exploration project in the Bismark Sea, after an international arbitrator compelled the PNG government to abide by a joint venture agreement.
Big changes at Ok Tedi Mining, the new chair at Bemobile finally takes his seat, a new exploration manager at Coppermoly and board changes at Nautilus.
While its aims of encouraging small and indigenous business are universally supported, the Papua New Guinea Government’s recent dealings with investors have created a ‘feeling of unease’ in some business circles.
Mohan new Pacific CEO at ANZ
While Solomon Islands lies in the mineral-rich Pacific Ring of Fire, its mining sector has yet to mirror the success of Papua New Guinea, the region’s minerals powerhouse. But the obstacles are being removed.
With PNG expected to grow faster than China in 2011, Business Advantage examines just who is investing in PNG and in what sectors, and asks where the best opportunities lie in the future.