Directors exit seabed mining company

9:49 am on 9 April 2019

Four out of five directors have resigned from the company behind a troubled deep sea mining project in Papua New Guinea.

Sampling copper under the sea

Sampling copper under the sea Photo: Nautilus Minerals

Last week, Nautilus Minerals had its common shares delisted from the Toronto Stock Exchange (TSX) even as it seeks to sell off its assets.

In a note to the TSX last Wednesday, the company said four of its directors had resigned, including chief executive John McCoach.

The remaining director, Tariq Al Barwani, has remained and appointed chief financial officer Glenn Withers as managing director.

In recent months, Nautilus has also taken out millions in loans and obtained a court protection order against its creditors.

The company had planned to mine the sea floor between New Ireland and New Britain under the Solwara 1 project.

Last week, PNG's mining minister, Johnson Tuke, told the ABC the government might seek financial compensation against Nautilus at a later date.

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