Former Companies

Nautilus Minerals has partnered with German shipping company Harren & Partner to design, build and operate a production support vessel for its Solwara 1 seafloor copper-gold project in Papua New Guinea.

The Papua New Guinea government signed an agreement and exercised its option to take a 30-per-cent stake in Nautilus Minerals' Solwara 1 project.

Nautilus Minerals ended fiscal 2010 with $165-million in cash and a $45-million net loss, while advancing its Solwara 1 seafloor project in Papua New Guinea.

Papua New Guinea's government will take a 30-per-cent equity stake in Nautilus Minerals' Solwara 1 seafloor project, leaving Nautilus with 70 per cent.

Nautilus Minerals extended the term of a Papua New Guinea government option to take up to a 30-per-cent stake in the Solwara 1 project until March 11, 2011.