12 Dec 2006

Canadian group invests into Nautilus which plans to mine ocean floor

11:35 am on 12 December 2006

A Vancouver based company has signed a deal to invest 25 million U.S. dollars in the undersea miner, Nautilus Minerals Incorporated's plan to mine the ocean floor in the Pacific.

Teck Cominco Ltd's five year deal boosted Nautilus shares last week, which gained 13% on the Toronto Stock Exchange.

Teck Cominco joins several other large companies as a stakeholder in Nautilus, including Russian investment firm Epion Holding Ltd, Anglo American and Barrick Gold.

The National newspaper reports the areas Nautilus is looking to mine includes the ocean area in Papua New Guinea, Fiji and Tonga.