Key points
- CEO Mike Johnston said results indicate all three machines met their functional design specifications in submerged conditions, with a full report expected by the end of Q1 2018.
- The trials involved partner Petromin, government regulatory officers, and representatives from the provincial governments of New Ireland and East New Britain.
- Community leaders from coastal villages near the Solwara 1 site were able to witness the equipment trials.
- The equipment is now being prepared for shipment to China, where it will be integrated onto the production vessel.
Nautilus Minerals Inc. has successfully completed the submerged trials for its seafloor production tools in Papua New Guinea.
Mike Johnston, Nautilus’s chief executive officer, commented: “The overarching objective of the trials was to ensure that all three machines met the requirements of their respective functional design specifications in submerged conditions. Results to date indicate that they do. Analysis is ongoing with a view to complete a full report on the submerged trials by the end of Q1 2018.”
Completing the trials in PNG allowed Nautilus to work closely with its partner Petromin, government officers from the various government regulatory agencies, as well as representatives from provincial governments of New Ireland and East New Britain. It also gave community leaders from coastal villages geographically closest to the Solwara 1 site the opportunity to witness the trials of the equipment, and allowed the company to accrue the economic benefits of the testing activity within PNG.
The equipment is currently being prepared for shipment to China where it will be integrated onto the vessel.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the Western Pacific (granted and under application), as well as in international waters in the Central Pacific.
