Rumble II West Mining Licence Application lodged
Prequalification proposals for Seafloor Mining Contract have been received
Neptune Minerals (AIM: NPM), a leading explorer and developer of seafloor massive sulphide (SMS) deposits is pleased to announce that it has lodged its first Mining Licence Application over the Rumble II West Seamount within the Exclusive Economic Zone (EEZ) of New Zealand. The application covers two hydrothermally inactive seafloor massive sulphide (“SMS”) deposits on the Rumble II West seamount that were discovered in August last year. The lodgement of the Mining Licence Application represents a key milestone in the Company’s progress towards commercialisation and pilot mining by 2010.
Neptune has successfully received prequalification proposals for its first Seafloor Mining Contract. Leading international dredging and subsea engineering companies were invited to undertake a Build, Own, Operate contract mining system for the commercial development of Neptune’s SMS deposits offshore New Zealand. Neptune is currently evaluating these proposals and upon conclusion of this process a decision will be made as to the award of the Seafloor Mining Contract.
Neptune’s Chief Executive Officer Dr Simon McDonald said:
“The lodging of this first mining licence application is an historic achievement for the Company as well as the offshore mining industry as it represents a significant step towards the commercial development of SMS resources. There is substantial work required to achieve our goal of pilot mining by the end of 2010, but we are confident in our approach and our ability to deliver. Neptune acknowledges that there will be concerns about environmental management, however we are committed to environmental stewardship of the marine environment and transparent communications with all stakeholders. Neptune looks forward to a continued positive and cooperative working relationship with the New Zealand regulator during the mining licence application process.”
