Extraction of Gold and Copper at Sea
Papua New Guinea will participate with $ 103 million in a joint project of mineral deposits, which for the first time; will be drawn from the deep sea, officials said Monday.
Papuan Mining Minister, John Pundari, told Radio Australia that the State has decided to join the project launched by the Canadian company Nautilus Minerals, which on Monday issued the license to operate the mine.
The agreement signed by both parties contemplated the option of Papuan state has a period of 30 days to claim the ownership of 30 percent of the project with an initial investment of $ 27 million, roughly the cost of work exploration carried out so far.
Pundari said that Papua New Guinea will provide a total of 103 million dollars over the next four through the state oil company Petromin.
Nautilus Minerals seeks to extract gold and copper mine located at 1,600 meters and an area of 59 square miles of the Bismarck Sea, northeast of the coast of Papua New Guinea.
The award, the fruit of two years of intense negotiations, is for an initial term of 20 years and is expected to mining in the area called SOLW 1, begin in late 2013.
Nautilus Minerals estimates that the mining project a reality, it will be necessary to invest 385 million dollars (285 million Euros).
According to the Canadian company studies show that mineral production is a year about 1.3 million tons and generated approximately 80,000 tons of copper a better quality than that found on land.
Besides, you will get each year of 4,500 and 5,600 kilos of gold.
To carry out the task on the seabed mining, Nautilus Minerals is developing tools that use technology similar to the oil industry in extracting oil.
The exploration of the fields located in the Eastern Manus Basin began about three years, and for this, Nautilus Minerals and Woods Hole Oceanographic Institution (WHOI), autonomous underwater vehicles used directed by remote control.
Also, scientific studies identified sulfur-rich deposits in the waters of other Pacific countries like Fiji, Tonga, Vanuatu and Solomon Islands.
Posted in
[...] Data Mining Book Mining News and Exploration Industry Skip to content HomeAbout ← Extraction of Gold and Copper at Sea [...]