PNG’s Solwara mining project moves ahead

17/11/2014

Canada headquartered Nautilus Minerals, which has been active in the mining sector in the Pacific Islands region, particularly Papua New Guinea, has signed an agreement chartering a vessel to be first deployed for use at the Solwara 1 project in Papua New Guinea’s Bismarck Sea.<!--more-->

The vessel, owned and managed by Dubai’s Marine Assets Corporation, will be chartered to Nautilus for a minimum period of five years at a rate of US$199,910 a day, with options to either extend the charter or purchase the vessel at the end of the five years.

The vessel will first serve as the operational base for the joint venture to be formed by Nautilus and Papua New Guinea’s nominee, Eda Kopa (Solwara) Limited, a wholly owned subsidiary of Petromin PNG Holdings, to extract and to transport high grade copper and gold material from the project site.

The vessel, expected to be ready for operations by late 2017, will measure 227m in length and 40m in width with accommodation for up to 180 people and generate some 31MW of power.

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