Nautilus in firm financial status

NAUTILUS Minerals Inc is in a strong financial position with US$217.6 million (K581 million) in cash and cash equivalents held on deposit with major banks as of Sept 30, the company reported last week.
Other highlights for the quarter ending September included:
1) Exploration success within two weeks of exploration cruise;
2) Nautilus granted environmental permit “approval in principle” for Solwara 1 prospect in New Ireland province; and
3) Port capacity at Rabaul secured.
Working with appropriate Government departments and agencies, the next steps for Nautilus was to negotiate the development agreement required for the grant of the mining lease (ML) and prepare the draft project environmental management plan (EMP).
The company said in a statement that its cash balance at the end of the third quarter was in line with management’s expectations and reflected a reduction in creditors during the quarter.
Nautilus continued to conserve cash until the Solwara 1 project equipment build restart.
This was accomplished through cost-reduction programmes and maintaining its cash in currencies that reflected the company’s current and expected cash outflows, to take advantage of natural hedges.
“Nautilus continued to make progress on advancing the Solwara 1 project and building a resource pipeline for the future in the Bismarck Sea,” Stephen Rogers, Nautilus’ chief executive officer, said.
 “The Solwara 1 project represented positive step changes in the environmental and social aspects of copper extraction.
“With the high copper grades of seafloor massive sulphide (SMS) systems and minimal overburden, very little waste will be produced,” Mr Rogers said.