Nautilus Minerals deal benefits only investors

 I WOULD like to comment on an article on the front page of The National  regarding the state being asked to pay K295 million to Nautilus Minerals Inc  (Oct 7).

By paying the money, PNG will have to allow the Canadian company to start the Solwara-1 deep sea mining project. 

The implications of deep sea mining to the environment is unknown because it will be the first time it is done, in PNG. 

There is no guarantee that the venture will succeed.

There are some very powerful stakeholders in this business, and we have been made to dance to their  tune all because of the contract the PNG government signed in March, 2011. 

Nautilus Minerals Inc has shareholders from huge mining companies that operate worldwide, from Oman to Cyprus to the United States.

The company, no doubt, was able to convince PNG politicians into signing that agreement, and that led to the government failing to honour the contract. 

In the 32 months since the signing of the agreement, the PNG government was expected to pay K 9 million a month. 

How in the world did any politician in his right mind sign the agreement? 

The K295 million is much-needed money for hospitals, schools, roads and bridges.

There are rural areas in PNG which lack basic medicine, and people are still dying of preventable diseases. 

It is a shame that a big corporation such as Nautilus can take what little money we have so that it can please its fat investors.

This giant of a company is shoving the decision right down our throats whether we like it or not. 

Archer

Popondetta