Key points
- Fujian Mawei Shipbuilding Ltd. notified Nautilus Minerals Inc. that it has rescinded the shipbuilding contract with MAC Goliath Pte. Ltd.
- MAC Goliath Pte. Ltd. was the contractor engaged by Nautilus to procure construction of the production support vessel (PSV) on its behalf.
- The rescission followed MAC’s failure to pay the third instalment of the contract price, about $18-million (U.S.) plus interest.
- Nautilus said in a Dec. 11, 2017 press release that the shipyard had already notified it of MAC’s default, and discussions are continuing.
NAUTILUS NOTIFIED OF RESCISSION OF SHIPBUILDING CONTRACT
Nautilus Minerals Inc. has been notified by Fujian Mawei Shipbuilding Ltd., the owner of the shipyard where Nautilus’s production support vessel (the PSV) is being built, that the shipyard has rescinded the shipbuilding contract between the shipyard and MAC Goliath Pte. Ltd., the contractor engaged by Nautilus to procure the construction of the PSV on behalf of Nautilus.
The shipyard’s notice of rescission is in response to MAC’s failure to pay the third instalment of the contract price (about $18-million (U.S.) plus interest). In its press release of Dec. 11, 2017, the company reported that the shipyard had notified the company of MAC’s default. Notwithstanding the rescission of the shipbuilding contract by the shipyard, discussions are continuing and the company will issue further updates as matters develop.
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.
