PNG seabed mining company delisted from stock exchange

5:14 am on 1 April 2019
Mining for copper under the sea

Mining for copper under the sea Photo: Nautilus Minerals

The company behind a troubled deep sea mining project in Papua New Guinea has suffered another blow in its delisting from a major stock exchange.

In recent months, Nautilus Minerals has taken out millions in loans, obtained a court protection order against its creditors and put its assets up for sale.

The company, which was to mine the sea floor between New Ireland and New Britain, said its common shares on the Toronto Stock Exchange would be delisted this Wednesday.

In a statement Nautilus said it unsuccessfully tried to appeal the decision and its common shares had been suspended from trading.

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