Key points
- Nautilus entered into a vessel charter with Marine Assets Corp. and satisfied the intellectual property condition precedent to its agreement with Papua New Guinea’s nominee.
- Mechanical and hydraulic assembly of the Solwara 1 project’s auxiliary cutter and collecting machine continued during the quarter.
- The company held $29.2-million (U.S.) in cash and cash equivalents as at Sept. 30, 2014.
- Marine Assets Corp. is to enter into a shipbuilding contract with Fujian Mawei Shipbuilding Ltd. to design and construct the vessel by no later than Nov. 28, 2014.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the third quarter ended Sept. 30, 2014, together with its management’s discussion and analysis.
Key highlights:
Nautilus enters into vessel charter;Nautilus satisfies intellectual property condition precedent to
agreement with Papua New Guinea’s nominee;Solwara 1 project advanced with mechanical and hydraulic assembly of the
auxiliary cutter and collecting machine continuing during the quarter;$29.2-million (U.S.) in cash and cash equivalents as at Sept. 30, 2014.
- Nautilus enters into vessel charter;
- Nautilus satisfies intellectual property condition precedent to
agreement with Papua New Guinea’s nominee;
- Solwara 1 project advanced with mechanical and hydraulic assembly of the
auxiliary cutter and collecting machine continuing during the quarter;
- $29.2-million (U.S.) in cash and cash equivalents as at Sept. 30, 2014.
“Having last month secured the intellectual property rights required by our agreement with the nominee of the independent state of Papua New Guinea, we are delighted that we have recently secured a vessel charter with experienced vessel provider, Marine Assets Corp.,” said Nautilus’s chief executive officer, Mike Johnston. “We now look forward to the signing of the shipbuilding contract(i) and the release of $113-million (U.S.) from escrow. We appreciate the continued support we have received from Eda Kopa (Solwara) Ltd., our joint venture partner and together with them, look forward to working with Marine Assets Corp. and the shipyard in seeing the delivery of our first vessel and making seafloor mining a reality.”
(i) Marine Assets is to enter into a shipbuilding contract with Fujian Mawei Shipbuilding Ltd., to design and construct the vessel in accordance with Nautilus’s specifications by no later than Nov. 28, 2014.
The financial statements and management’s discussion and analysis will be filed on SEDAR and will be available on the company’s website.
Investor update
The company will hold an investor update on Wednesday, Nov. 19, 2014, at
10 a.m. Eastern Standard Time.
Conference call details
International dial-in: 61-2-8524-5042
International dial-in: 61-2-8524-5042
Australia: 1-800-801-825
Australia: 1-800-801-825
Canada: 1-855-842-3490
Canada: 1-855-842-3490
United Kingdom: 0800-0150-9725
United Kingdom: 0800-0150-9725
United States: 1-855-298-3404
United States: 1-855-298-3404
Attendee passcode: 7799823
Attendee passcode: 7799823
If your country dial-in number is not included here please e-mail the company.
A presentation to support the conference call will be posted on the company’s website for download by 9:30 a.m. EST (Toronto) on Wednesday, Nov. 19, 2014.
