Key points
- Teck’s 2008 exploration expenditure in PNG and Tonga totalled $14.8-million (U.S.), above the $12-million (U.S.) minimum needed to earn joint venture rights.
- Teck elected not to continue in PNG and Tonga, where it would have faced a $25-million (U.S.) expenditure commitment in each country over the next two years.
- Teck retains the right to joint venture with Nautilus in Fiji, New Zealand, Japan and the Northern Marianas, subject to grant of title.
- Nautilus CEO Stephen Rogers said seven new seafloor massive sulphide systems were discovered in PNG and Tongan waters during 2008.
PLANS
Nautilus Minerals Inc.’s partner Teck Cominco Ltd. has confirmed its exploration expenditure in Papua New Guinea (PNG) and Tonga during 2008 to be $14.8-million (U.S.). This exceeded the minimum expenditure required for Teck to earn the right to form a joint venture with Nautilus in the countries of PNG and Tonga which was set at $12-million (U.S.). Despite this expenditure in 2008, Teck has elected not to participate further in PNG and Tonga where it would have been required to meet a $25-million (U.S.) expenditure commitment in each country over the next two years.
Teck has also advised that it wishes to retain the right to joint venture with Nautilus in Fiji, New Zealand, Japan and Northern Marianas, subject to grant of title. Refer to news in Stockwatch on Dec. 7, 2006, and on Dec. 20, 2007, for details on the Teck agreements.
Nautilus’s chief executive officer, Stephen Rogers, commented: “During 2008 we enjoyed considerable success working with Teck. Seven new seafloor massive sulphide (SMS) systems were discovered in PNG and Tongan waters. We are encouraged that Teck has decided to retain its options to joint venture with us in other countries. A strong working relationship has developed between our exploration teams and we look forward to working with Teck again in the future.”
