TSX-listed Nautilus Minerals has entered into a loan agreement with Deep Sea Mining Finance, formalising the previously disclosed secured structured credit facility of up to $34-million.
The loan will be used to fund Nautilus’ working capital requirements and enable the company to continue the advancement of its Solwara 1 project, while the company seeks the remaining project financing of $350-million that is required to complete Solwara’s development.
The Solwara 1 project is located in the territorial waters of Papua New Guinea.
Its development includes the recovery of high-grade seabed sulphide deposits from the floor of the Bismarck Sea, a major resource of base metal sulphides, gold and silver.