29 Nov 2019

Fears in PNG a new Nautilus emerging after bankruptcy

From , 5:01 am on 29 November 2019

The Canadian company, Nautilus Minerals, that had been planning for years to mine the sea floor off the north coast of Papua New Guinea, was declared bankrupt last week.

This came after the company was delisted by the Toronto Stock Exchange earlier this year as it tried to sort out its finances.

As part of this collapse the PNG government, which was a significant Nautilus shareholder, has reportedly lost $US125 million.

Now environmentalists and the communities around the proposed Solwara One project fear a new, pared-down, version of the company is re-emerging.

The Alliance of Solwara Warriors spokesman, Jonathan Mesulam, told Don Wiseman, this has angered the local community which remains committed to keeping Nautilus out.

Mining for copper under the sea

Mining for copper under the sea Photo: Nautilus Minerals