Seabed mining project in PNG gets $500,000 loan

5:46 pm on 27 December 2018
Sampling copper under the sea

Sampling copper under the sea Photo: Nautilus Minerals

A troubled deep sea mining project in Papua New Guinea has been given a loan of nearly $US500,000.

Nautilus Minerals plans to mine the floor of the Bismarck Sea between New Ireland and New Britain.

The Canadian company has faced opposition from environmental and community groups, and has been trying to dispel reports that its project is in financial trouble.

In June, Nautilus Minerals entered a $US34 million credit facility agreement for the project with lender Deep Sea Mining Finance.

In a statement this month, Nautilus says it's received a loan of $US455,000 from the deal.

The PNG government owns a 15 percent stake in the company.