Key points
- Nautilus received a favourable arbitration decision in its dispute with the State of Papua New Guinea.
- The company advanced its Solwara 1 seafloor production project.
- Nautilus completed a nodule exploration program in the Clarion Clipperton zone through its subsidiary Tonga Offshore Mining Ltd.
- The company held $54.0-million (U.S.) in cash and cash equivalents as at Sept. 30, 2013.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the third quarter ended Sept. 30, 2013, together with management’s discussion and analysis.
Third-quarter 2013 significant events:
Received a favourable decision on arbitration with the State of Papua New
Guinea;Advanced the Solwara 1 project;Completed a nodule exploration program to the Clarion Clipperton zone;$54.0-million (U.S.) in cash and cash equivalents as at Sept. 30, 2013.
- Received a favourable decision on arbitration with the State of Papua New
Guinea;
- Advanced the Solwara 1 project;
- Completed a nodule exploration program to the Clarion Clipperton zone;
- $54.0-million (U.S.) in cash and cash equivalents as at Sept. 30, 2013.
“Nautilus looks forward to bringing the Solwara 1 project into production and will work with the state in order to move the project forward in light of the arbitrator’s award,” said Nautilus’s interim chief executive officer, Mike Johnston. “Our immediate plan is to complete the build of the seafloor production equipment. The critical path for the project remains the vessel. Now that we have received the arbitration decision we are in a better position to select a shipyard and finalize the vessel financing structure.
“We are also delighted with the recent completion of a successful exploration program to the Clarion Clipperton zone which represents a key step for us in advancing Nautilus’s 100-per-cent-owned subsidiary Tonga Offshore Mining Ltd.’s CCZ project. We look forward to reporting assay results and preliminary metallurgical testwork as these results become available over the next few months.”
The financial statements and management’s discussion and analysis have been filed on SEDAR and are also available on the company’s website.
