Key points
- Nautilus advanced the Solwara 1 project, with seafloor production tools assembled and factory acceptance testing under way, and it held $56.5 million (U.S.) in cash and cash equivalents as at Dec. 31, 2015.
- The company signed a new offtake agreement for Solwara 1 with Tongling Nonferrous Metals Group Co. Ltd. with improved payment terms and lower operating costs, while a state nominee elected not to exercise its option for an additional 15-per-cent equity.
- Subsequent to year-end, the seafloor production tools arrived at Duqm Port in Oman, assembly of the subsea slurry and lift pump was completed and FAT commenced, and the company announced a rights offering to raise $103 million.
- CEO Mike Johnston said the company is targeting commencement of seafloor operations at Solwara 1 in the first quarter of 2018.
Nautilus Minerals Inc. has released its audited consolidated financial statements for the year ended Dec. 31, 2015, together with the related management’s discussion and analysis and the company’s annual information form.
2015 significant events
Advanced the Solwara 1 project (sea floor production tools assembled and commenced factory acceptance testing);Advanced production support vessel construction (all major long-lead-time orders placed, design under way, steel cutting commenced and block
fabrication started);Conducted targeted exploration programs in the Solomon Islands and
Clarion Clipperton zone;Released independent environmental and social
benchmarking analysis by Earth Economics (report concluded: sea floor mining can
significantly reduce the social and environmental impacts of copper
mining);Signed a new offtake agreement for Solwara 1 with Tongling Nonferrous
Metals Group Co. Ltd. with improved payment terms and lower
operating costs;State nominee elects not to exercise its option to take up an
additional 15-per-cent equity;$56.5-million (U.S.) in cash and cash equivalents as at Dec. 31, 2015.
- Advanced the Solwara 1 project (sea floor production tools assembled and commenced factory acceptance testing);
- Advanced production support vessel construction (all major long-lead-time orders placed, design under way, steel cutting commenced and block
fabrication started);
- Conducted targeted exploration programs in the Solomon Islands and
Clarion Clipperton zone;
- Released independent environmental and social
benchmarking analysis by Earth Economics (report concluded: sea floor mining can
significantly reduce the social and environmental impacts of copper
mining);
- Signed a new offtake agreement for Solwara 1 with Tongling Nonferrous
Metals Group Co. Ltd. with improved payment terms and lower
operating costs;
- State nominee elects not to exercise its option to take up an
additional 15-per-cent equity;
- $56.5-million (U.S.) in cash and cash equivalents as at Dec. 31, 2015.
Subsequent events
Awarded contract for equipment storage and wet testing of the sea floor production tools;Sea floor production tools arrived safely at Duqm Port in Oman;Completed assembly of the subsea slurry and lift pump and commenced FAT;Announced rights offering to raise $103-million.
- Awarded contract for equipment storage and wet testing of the sea floor production tools;
- Sea floor production tools arrived safely at Duqm Port in Oman;
- Completed assembly of the subsea slurry and lift pump and commenced FAT;
- Announced rights offering to raise $103-million.
Nautilus’s chief executive officer, Mike Johnston, said: “Two thousand fifteen was a milestone year for Nautilus. By year-end, work on the sea floor production equipment had significantly progressed, while we had also recommenced targeted exploration on our tenements in the Solomon Islands and the CCZ, as we build a pipeline of resources. There is a real sense of momentum building as we work towards commencing sea floor operations at the Solwara 1 project site in the first quarter of 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.
