Sea Mines
SYDNEY. Papua New Guinea has opened a new path to mining by allowing a company to exploit, for the first time ever, mineral deposits located on the seabed.
The license approved on Monday by the Papuan government, allows the Canadian company Nautilus Minerals, develop new project to extract gold and copper mine located at 1,600 meters and an area of 59 square miles of the Bismarck Sea , northeast coast of Papua New Guinea.
Nautilus Minerals agreement with the Government, provides that the State has a period of one month to communicate if you elect the option of keeping 30 percent invested in the project between 20 and 25 million dollars, an amount close to spending which has involved the exploration of the deposits.
In statements published by local newspaper Post Courier, the company president, Stephen Rogers, said the “historic decision to grant the concession on the sea floor deposit is a major step forward for this new frontier” of the mining industry . The award, the fruit of two years of intense negotiations between the two parties, is for an initial term of 20 years and is expected to mining in the area called SOLW 1, begin in late 2013.
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