Deep-sea mining seafloor massive sulfides Papua New Guinea : (including the August 1, 2008 post conference report on Nautilus Minerals Niugini

Abstract

Nautilus Minerals Inc. is currently accelerating efforts to commence mining and removal of the oceanic natural resources from Papua New Guinea (PNG). Nautilus is working to extract copper, zinc, gold, and other metals from massive sulfide deposits in the waters of PNG’s exclusive economic zone at depths up to 2000 meters; while other companies are involved in undersea mining, Nautilus is closer to commercial extraction than any other company. The Nautilus Solwara 1 project in PNG is expected to begin commercial mining operations in 2010. Given the degree to which Papua New Guinea has come to rely on mineral exploitation as a means to grow its GDP (now estimated to contribute over 30% to the sustained GDP growth over the past few years), it is clear that the financial motivation to proceed with this project enjoys considerable international investor and national Government support. However, without proper oversight and internal discipline on the part of to Government of Papua New Guinea, Nautilus and its partners, this undersea mining has the potential to be socially, economically, and environmentally destructive. Through appropriate process management, the use of leading technologies, careful monitoring and constant inspection these risks can be minimized. This report provides an overview of Nautilus, undersea mining in Papua New Guinea, and M·CAM recommendations for impact minimization and long-term value optimization. This report compiles information available in the public domain so attribution and conclusions drawn therefrom are predicated solely on the accuracy thereof.