First ever underwater lease granted to Nautilus

Well this can’t be good

The government of Papua New Guinea has granted the world’s first deep sea mining lease to Nautilus Minerals of Toronto for the development of its Solwara 1 project in the Bismarck Sea.

The lease covers an area of approximately 59 km2 surrounding Solwara 1, 50 km north of Rabaul, where the company intends to mine high-grade copper and gold deposits on the seafloor, at depths of approximately 1,600 metres.

The mining lease has been granted for an initial 20 year term and the PNG government has retained an option to take up to a 30% stake in the project as a joint venture partner. The option is exercisable within one month. If the option is exercised, the government will contribute funds to the project in proportion to its interest, including its share of the exploration and development costs incurred to date.

via Canadian Mining Journal – MINING LEASE: First ever underwater lease granted to Nautilus.

Dr. M (1720 Posts)

Craig McClain is the Assistant Director of Science for the National Evolutionary Synthesis Center, created to facilitate research to address fundamental questions in evolutionary science. He has conducted deep-sea research for 11 years and published over 40 papers in the area. He has participated in dozens of expeditions taking him to the Antarctic and the most remote regions of the Pacific and Atlantic. Craig’s research focuses mainly on marine systems and particularly the biology of body size, biodiversity, and energy flow. He focuses often on deep-sea systems as a natural test of the consequences of energy limitation on biological systems. He is the author and chief editor of Deep-Sea News, a popular deep-sea themed blog, rated the number one ocean blog on the web and winner of numerous awards. Craig’s popular writing has been featured in Cosmos, Science Illustrated, American Scientist, Wired, Mental Floss, and the Open Lab: The Best Science Writing on the Web.

3 comments on “First ever underwater lease granted to Nautilus

Comments are closed.