Nautilus Minerals admits Papua New Guinea is a sea bed mining experiment
Wednesday June 1, 2016
TORONTO | As Nautilus Minerals holds its AGM in Toronto today, the Papua New Guinean Alliance of Solwara Warriors and the Deep Sea Mining Campaign encourage investors to think carefully about holding shares in this company.
Nautilus promotes its Solwara 1 sea bed mining project in the Bismarck Sea of Papua New Guinea as the lucrative new face of the mining industry, however, its most recent Annual Information Form found on www.sedar.com tells a different story.
According to Natalie Lowrey of the Deep Sea Mining Campaign, “The 2015 Annual Information Form lodged with the Canadian Securities Administrators reveals that the world first licensed sea bed mine is in fact a huge environmental, financial and technological experiment. The form admits that Nautilus has been too lazy and sloppy to perform standard economic and minerological assessments and that the environmental impacts of the operation are totally unknown.”
Patrick Kaupun, of the Alliance of Solwara Warriors stated, “The Annual information form unashamedly states in black and white that Nautilus’ Management considers it in the Company’s best interests to use Solwara 1 to test the operational viability of the Seafloor Production System and the impacts of sea bed mining. This is not in the best interests of Papua New Guineans. We will not accept this sea bed mine. We put Nautilus and investors on notice that we will resist this venture and you will bear the costs!”
Janet Tokupep, also from the Alliance of Solwara Warriors said, “Judging from the monster size of the machines that will be tested in our seas, there is no question that this new frontier industry will destroy our environment and communities in PNG and the Pacific. Our coastal communities live only 30 kilometres from the proposed mine site and our fishermen use the area around it daily. The serious liabilities associated with the risks of Solwara 1 make it a disastrous investment.”
“The startling and damning admissions by Nautilus Minerals, reveal that the business case for Solwara 1 is extremely weak and the risks for investors extremely high”, says Natalie Lowrey.
View the Nautilus Annual Information Form – attention to the section RISK FACTORS
For more info:
Papua New Guinea:
Patrick Kaupun, Alliance of Solwara Warriors, +675 72773815
Janet Tokupep, Alliance of Solwara Warriors, +675 73921840
Australia:
Natalie Lowrey, Deep Sea Mining campaign, +61 421226200, natalie.lowrey@gmail.com
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