Key points
- Nautilus Minerals released its audited consolidated financial statements and management’s discussion and analysis for the year ended Dec. 31, 2012.
- The company held $57.8-million (U.S.) in cash as at Dec. 31, 2012, following the board’s decision on the Solwara 1 project made late last year.
- The Solwara 1 project remains 55 per cent complete overall, with the collecting machine up to 70 per cent complete.
- Nautilus is focused on resolving its dispute with the state of Papua New Guinea while exploring 19 identified prospects in Tonga, including new high-grade discoveries in the northeast Lau basin.
Nautilus Minerals Inc. has released its audited consolidated financial statements for the year ended Dec. 31, 2012, together with management’s discussion and analysis.
“It has been a challenging year,” said Nautilus Mineral’s interim chief executive officer, Mike Johnston. “The decision made by the board in relation to the Solwara 1 project late last year was a difficult but appropriate one, with Nautilus retaining $57.8-million (U.S.) in cash as at Dec. 31, 2012. The project remains 55 per cent complete, with some aspects, such as the collecting machine, being up to 70 per cent complete.”
Despite this setback, the company remains committed to maximizing shareholder value by achieving its objective of developing the world’s first commercial sea floor copper-gold project and launching the deepwater sea floor resource production industry, while maintaining an environmentally and socially responsible approach.
Mr. Johnston added: “Clearly our immediate and primary focus is to achieve an amicable resolution to the dispute with the state of Papua New Guinea. However, in parallel we continue to explore opportunities for fast-tracking the development of our additional assets, which include 19 identified prospects in Tonga, the most recent being the high-grade discoveries in the northeast Lau basin.”
