Key points
- Nautilus Minerals Inc. received formal notification that Teck Resources Limited elected not to participate in exploration activities in Fijian waters.
- The regional area of interest agreement between the two companies was signed in December, 2007.
- In August, 2011, Nautilus became the first private sector organization granted offshore exploration licences in Fiji, covering approximately 60,000 square kilometres, which triggered Teck’s participation rights.
- Teck retains an interest in Nautilus as a significant shareholder.
NAUTILUS MINERALS INC.: FIJI UPDATE ON PARTNERING ARRANGEMENT
Nautilus Minerals Inc. has received formal notification that Teck Resources Limited has elected not to participate in exploration activities in Fijian waters under a regional area of interest agreement signed in December, 2007.
In August, 2011, Nautilus became the first private sector organization to be granted offshore exploration licences in Fiji covering a total area of approximately 60,000 square kilometres triggering Teck’s rights to jointly participate in exploration.
Teck retains an interest in Nautilus as a significant shareholder.
