Key points
- Nautilus Minerals resolved issues with Papua New Guinea and formed the Solwara 1 joint venture in 2014.
- The company entered a vessel charter with Marine Assets Corp. for delivery of a purpose-built production support vessel by the end of 2017.
- The Solwara 1 project’s bulk cutter was assembled and entered commissioning and factory acceptance testing.
- Nautilus held $118.8-million (U.S.) in cash and cash equivalents as at Dec. 31, 2014, after Eda Kopa (Solwara) Ltd. contributed $120-million (U.S.) to the joint venture.
Nautilus Minerals Inc. has released its audited consolidated financial statements for the year ended Dec. 31, 2014, together with management’s discussion and analysis and the company’s annual information form.
Significant events in 2014:
Resolved issues with Papua New Guinea and formed the Solwara 1 joint venture;Entered into a vessel charter with Marine Assets Corp., for
delivery of a purpose-built production support vessel by the end of 2017;Advanced the Solwara 1 project, with the bulk cutter assembled and the
commissioning and factory acceptance testing phase under way;Confirmed Clarion Clipperton zone nodule deposit;$118.8-million (U.S.) in cash and cash equivalents as at Dec. 31, 2014.
- Resolved issues with Papua New Guinea and formed the Solwara 1 joint venture;
- Entered into a vessel charter with Marine Assets Corp., for
delivery of a purpose-built production support vessel by the end of 2017;
- Advanced the Solwara 1 project, with the bulk cutter assembled and the
commissioning and factory acceptance testing phase under way;
- Confirmed Clarion Clipperton zone nodule deposit;
- $118.8-million (U.S.) in cash and cash equivalents as at Dec. 31, 2014.
Nautilus’s chief executive officer, Mike Johnston, said: “We are delighted with the significant progress we made in 2014. Securing a vessel charter was a major milestone for the Solwara 1 project. We are also extremely pleased to have formally commenced our partnership in the project with the state’s nominee, Eda Kopa (Solwara) Ltd. (state nominee), after receiving its contribution of $120-million (U.S.) and we appreciate the state nominee’s continued support.”
The company remains committed to maximizing shareholder value by achieving its objective of developing the world’s first commercial high-grade sea floor copper-gold project and launching the deepwater sea floor resource production industry in 2018.
The financial statements, management’s discussion and analysis, and annual information form will be filed on SEDAR and will also be available on the company’s website.
