International news within the industry of mining and metal, May, 22 2019
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Nautilus secures US$34 million loan facility for undersea mining 

Seafloor mining tool. Image courtesy: Nautilus Minerals
Seafloor mining tool. Image courtesy: Nautilus Minerals
Published by
Simon Matthis - 12 Jun 2018

Nautilus Minerals announces that it has entered into a loan agreement with Deep Sea Mining Finance Ltd. formalizing the previously disclosed secured structured credit facility of up to US$34 million.

The Company aims to continue the advancement of the Solwara 1 Project in the Bismarck Sea off the coast of the Papua New Guinean island of New Ireland. while the Company seeks, with the assistance of its financial advisors, the remaining project financing of up to US$350 million required to complete the development of the Solwara 1 Project.

The copper-gold project has been in development since 2007, and the experimental nature of undersea mining means it’s been drawing the attention of larger miners as well as environmental groups.

Cobalt mine in Democratic Republic Congo. About half of all mined cobalt comes from DRC, mainly from the province of Katanga. The mining takes place close to towns and villages. Local communities regularly are cut off from their farmland and water sources near mines, without having had a say in the matter. There are several examples of forced relocations of entire villages. Inhabitants of the village Kishiba, for example, were forced to move to make way for Frontier, a cobalt and copper mine. Their new homes in Kimfumpa lack the most basic of services such as clean water, fertile farmland, schools and health care. Photo: ECCJ Secretariat
Cobalt mine in Democratic Republic Congo. About half of all mined cobalt comes from DRC, mainly from the province of Katanga. The mining takes place close to towns and villages. Local communities regularly are cut off from their farmland and water sources near mines, without having had a say in the matter. There are several examples of forced relocations of entire villages. Inhabitants of the village Kishiba, for example, were forced to move to make way for Frontier, a cobalt and copper mine. Their new homes in Kimfumpa lack the most basic of services such as clean water, fertile farmland, schools and health care. Photo: ECCJ Secretariat

Chinese control half of the Congo's cobalt