Key points
- Nautilus Minerals Inc. entered into a port upgrade and operations deed with PNG Ports Corp. Ltd. (PNGPC) securing rights to 1.5 million tonnes of port-handling capacity per year for three years, with an option to start operations as early as Jan. 1, 2012.
- The deed gives Nautilus the exclusive right to license the hardstand area of Rabaul port for Solwara 1 ore stockpiles, with a final port services agreement planned for year-end.
- Matthew Charles Perrins Hammond, 34, group strategist at Metalloinvest Holdings, was appointed as a non-executive director, replacing Farhad Moshiri, who resigned, effective immediately.
- Metalloinvest, through Gazmetall Holding (Cyprus) Ltd., beneficially holds 32,708,799 common shares of Nautilus, representing approximately 21.0 per cent of issued share capital.
Nautilus Minerals Inc. has entered into a port upgrade and operations deed with PNG Ports Corp. Ltd. (PNGPC) that provides Nautilus with a secure right to port-handling capacity for 1.5 million tonnes of ore per year for three years, with an option to commence operations as early as Jan. 1, 2012. The deed also provides Nautilus with the exclusive right to enter into a licence agreement to use the hardstand area of the Rabaul port for the Solwara 1 ore stockpiles. When Nautilus commences production from its Solwara 1 project, recovered ore will be shipped from the offshore site to Rabaul for temporary stockpiling prior to shipment for treatment overseas.
Stephen Rogers, Nautilus’s chief executive officer, commented: “We have found PNGPC to be a responsive and responsible port operator. We are looking forward to working with them to deliver an operation that meets Nautilus’s operational requirements and provides the opportunity to maximize local content.”
Nautilus and PNGPC entered into discussions in early 2008, and later commenced joint studies into the port’s capability to unload the incoming barges, store the ore securely and reload the ore onto outgoing export ships, while maintaining quality and environmental standards. These studies included an analysis of existing and future port usage, shoreline geotechnical studies, port berth strength capabilities, and risk analysis.
The deed provides for a methodology to jointly define the scope and contracting strategy required to deliver the required port upgrades to the stockpile hardstand areas, and support infrastructure, mobile stacking and shiploading equipment. Operations covering ore unloading, stevedoring services, ore stacking, reclaiming and shiploading will be managed by PNGPC.
A final port services agreement between Nautilus and PNGPC is planned for year-end.
Board changes
Nautilus is pleased to announce the appointment to the board of Matthew Charles Perrins Hammond, 34, as a non-executive director following the resignation from the board of Farhad Moshiri. Both board changes are effective immediately.
Mr. Hammond is the group strategist at Metalloinvest Holdings, where he has responsibility for part of the non-core asset portfolio. Mr. Hammond advises the Metalloinvest board on strategic acquisitions and investments. Metalloinvest beneficially holds 32,708,799 common shares of Nautilus, representing approximately 21.0 per cent of the company’s issued share capital, through Gazmetall Holding (Cyprus) Ltd. Prior to joining Metalloinvest, Mr. Hammond was a director at Credit Suisse, where he worked for 12 years. He has a BA (honours) from Bristol University.
Geoff Loudon, Nautilus’s chairman, commented: “We would like to thank Mr. Moshiri for his valuable contribution to the board. We now look forward to working with Mr. Hammond in his capacity as non-executive director.”
The company is required to disclose, under the Alternative Investment Market’s (AIM) rules for companies, the following information in relation to the appointment of Mr. Hammond as a director of the company.
Current directorships and partnerships held: Strike Resources Ltd. and Ingenious Partners 2 LLP
Directorships and partnerships held in the last five years: Number 43 Cumberland Street Management Ltd.
Current directorships and partnerships held: Strike Resources Ltd. and Ingenious Partners 2 LLP
Directorships and partnerships held in the last five years: Number 43 Cumberland Street Management Ltd.
There is no further information, in connection with his appointment, which is required to be disclosed in accordance with Rule 17 and Schedule 2(g) of the AIM rules for companies.
