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Nautilus secures US$34 million loan facility for undersea mining
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.