Key points
- Papua New Guinea’s state nominee paid Nautilus a $7-million (U.S.) deposit for its initial 15-per-cent interest in the Solwara 1 project.
- The state’s nominee paid $113-million (U.S.) into escrow, representing the balance of financing for its 15-per-cent share of Solwara 1 development capital through to first production.
- Nautilus commenced mechanical and hydraulic assembly of the auxiliary cutter and collecting machine, and began commissioning and factory acceptance testing of the bulk cutter.
- Nautilus held $36.5-million (U.S.) in cash and cash equivalents as at June 30, 2014.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the second quarter ended June 30, 2014, together with management’s discussion and analysis.
Second quarter 2014 significant events
Resolved issues with Papua New Guinea and signed an agreement, with the state’s nominee having paid
Nautilus a deposit of $7-million (U.S.) for its initial 15-per-cent interest in the
Solwara 1 project;State’s nominee paid $113-million (U.S.) into escrow representing the balance
of the financing for the state nominee’s 15-per-cent share of the capital required
to complete the development phase of the Solwara 1 project up to first
production;Advanced the Solwara 1 project by commencing the mechanical and
hydraulic assembly of the auxiliary cutter and the collecting machine
and commencing commissioning and factory acceptance testing of the bulk
cutter;$36.5-million (U.S.) in cash and cash equivalents as at June 30, 2014.
- Resolved issues with Papua New Guinea and signed an agreement, with the state’s nominee having paid
Nautilus a deposit of $7-million (U.S.) for its initial 15-per-cent interest in the
Solwara 1 project;
- State’s nominee paid $113-million (U.S.) into escrow representing the balance
of the financing for the state nominee’s 15-per-cent share of the capital required
to complete the development phase of the Solwara 1 project up to first
production;
- Advanced the Solwara 1 project by commencing the mechanical and
hydraulic assembly of the auxiliary cutter and the collecting machine
and commencing commissioning and factory acceptance testing of the bulk
cutter;
- $36.5-million (U.S.) in cash and cash equivalents as at June 30, 2014.
Mike Johnston, Nautilus’s chief executive officer, commented: “Having resolved the dispute with the state earlier this year, we are confident today that the Solwara 1 project is progressing as planned. We are now over 90 per cent complete on the build of the seafloor production tools and over 50 per cent complete on the build of the riser and lifting system. The final key contract to be put in place is in relation to the vessel. We are currently in detailed discussions with a short list of preferred vessel providers, while also undertaking a tender process with shipyards experienced in building offshore construction vessels.”
The financial statements and management’s discussion and analysis will be filed on SEDAR and will be available on the company’s website.
