It was to be – literally – the world’s “flagship” seabed mining venture. Nautilus Minerals would open the way to the exploitation of huge copper and gold riches, through its Solwara-1 project off the coast of Papua New Guinea. The go-ahead for this was given in early 2011. However, Nautilus’ arrangement with the Papua New Guinea government has now hit the rocks.
Nautilus is a Canadian company listed on London’s Alternative Investment Market (AIM). London-listed Anglo American is a major shareholder.