Financial results revealed

 FINANCIAL data from Nautilus Minerals for the first quarter shows that it is well set to advance its seabed mining of rich volcanic copper and gold rich minerals in Papua New Guinea waters.

The Canadian miner is the operator of the Solwara 1 project in the Bismarck sea.

The company advised that it continued to advance the project and in particular, the three key equipment contracts.

Chief executive officer Mike Johnston said: “We (Nautilus) are delighted to have made such good progress since the beginning of the year with the build of our seafloor production equipment. For the next 12 months we will remain focused on the build of the PSV (production support vessel) and the delivery of the equipment that is to be integrated in it.”

“It is very pleasing to have recommenced our exploration initiatives, with our first programme planned for May this year in the Solomon Islands, as we advance our pipeline of seafloor massive sulphide systems in the South West Pacific.

“The company remains committed to maximising shareholder value by achieving its objective of developing the world’s first commercial high grade seafloor copper-gold project and launching the deep water seafloor resource production industry in 2018.”