Nautilus: US$80mil spent on Solwara 1

 NAUTILUS Minerals has spent about US$80 million on exploration programmes on the Solwara 1 project in Papua New Guinea, president and chief executive Mike Johnston says. 

“The US$80 million (K172 million) was spent in 2005 up to January 2011,” he added.

Johnston said this during a media information session in Port Moresby yesterday, adding that Nautilus was committed to developing the high grade copper-gold project in the Bismark Sea.

Country manager Mel Togolo stressed that Nautilus Minerals remains committed to Papua New Guinea and would bring the Solwara 1 Project on stream.

He said: “Due to the depth of the activity beneath the sea, advanced technology will be used to extract metals from the sea floor.” 

“The use of these remotely-operated seafloor production tools also signals an increased safety environment for the workers.

He said other advantages to seafloor resource production included: 

1) High grades (7% copper); 

2) Less ore is needed to provide the same amount of metal, thus leaving only a small footprint (minimal waste); and

3) No displacement or relocation of people and increased worker’s safety is assured,” Togolo explained.

Togolo said that while technology may be advanced, it is not entirely new as it has been adapted from equipment used in oil and gas as well as in the mining and dredging industries.

He reminded the media of the intensive environmental research that had been carried out to satisfy all environmental requirements both by the PNG Government and international organisations.

“We have an environment permit and we have conducted very vigorous intensive environmental studies and a thorough environmental impact assessment and have taken the above and beyond approach to ensure that all requirements have been met,” Togolo said.

“Extracting minerals from the seafloor would occur at depths of 1600m. 

“Fish such as tuna and any other edible sea life exist within the top 400m water depth and would not be harmed. 

“Nautilus as a responsible corporate company has made every effort  to ensure that any impact would be minimised. 

“Nautilus has made many commitments and these include using biodegradable oils in all subsea equipment, and a fully enclosed system for transporting ore up to the production support vessel and Nautilus is working on a “no tailings” solution for the concentrator.