8 Jul 2014

Nautilus overcomes obstacle to PNG seabed mining

4:47 pm on 8 July 2014

Papua New Guinea's mining minister, Byron Chan, says an experimental seabed mining project could pump 300 million kina, or 124 million US dollars, into the country's economy.

The Canadian mining company, Nautilus Minerals, is set to begin mining the seabed off New Ireland in Papua New Guinea for metals, following a dispute resolution with the government there.

It will be the first time metals, such as copper, will be mined from the seabed anywhere in the world.

Papua New Guinea's mining minister, Byron Chan, says the government has negotiated a 15 percent stake in the project.

"That's why I'm just managing this project, and guiding it along, and hope that my people, my district, my province also benefit from this project."

Byron Chan says although seabed mining for metals is untested he believes the environmental impact will be minimal.