By SHIRLEY MAULUDU
NAUTILUS Minerals says the development of the Solwara One project in New Ireland may begin in 2019.
A spokesperson told The National yesterday that the company was still sourcing additional funding for the development of the project.
“The company has now secured the necessary bridge financing to facilitate the time required to secure additional required funding,” the spokesperson said.
“If the additional required funding is secured by June 2017, and subject to ongoing detailed planning, the company could be in a position to commence the initial deployment and testing operations at the Solwara One project by the end of Quarter One in 2019.”
Nautilus earlier said in the event that the required funding was secured and the company could continue development of the Solwara One project, the schedule would be delayed.
In a statement in August, Nautilus noted that there was no assurance that the company would be able to obtain the necessary project financing on acceptable terms or at all.
The failure to secure project financing may result in the company taking various steps to maximise shareholder value, including suspending or terminating the development of the Solwara One project, and engaging in various transactions including, without limitation, asset sales, joint ventures and capital restructurings.
The company also previously told The National: “Nautilus Minerals is still committed to delivering the Solwara One Project in Papua New Guinea.
“We are currently in discussions with various parties that are commercially sensitive.
“We will continue to update all stakeholders as things progress. We remain confident that we can deliver the project and appreciate the strong support we have from our shareholders, partners and stakeholders.”
Solwara One is located approximately 30 kilometres from the nearest coast (New Ireland).
By SHIRLEY MAULUDU