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$113m to be released to Nautilus next month on completion of State agreement

28th November 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Prospective seafloor miner Nautilus Minerals on Friday announced that $113-million that had been placed into escrow in May, would be released to the company on December 11, on the completion of the sale of 15% of its Solwara 1 project, offshore Papua New Guinea, to Eda Kopa (Solwara), which had been nominated by the State of Papua New Guinea to take up this interest.

Nautilus had, on November 6, entered into an agreement with Marine Assets Corporation (MAC) for the charter of a vessel to be deployed for use at the Solwara 1 project.

Under the terms of MAC’s agreement with Nautilus, it undertook to sign a contract with Fujian Mawei Shipbuilding for the design and construction of the vessel and to pay the first instalment of the purchase price by no later than November 28, 2014.

As this had occurred according to plan, Nautilus could now complete the sale to Eda Kopa.

“We are excited that the shipbuilding contact has been signed for the construction of the vessel and the first instalment paid, which now allows for the release of the State nominee's funds from escrow and the formation of the Solwara 1 joint venture,” Nautilus CEO Mike Johnston commented.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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