Source: Deep Sea Mining Campaign
At its annual general meeting in Vancouver last week, wannabe deep sea miner Nautilus Inc failed to inspire shareholders with confidence in its Solwara 1 venture in Papua New Guinea.
Without sufficient funds to complete its equipment build, Nautilus’ 2019 mining start date for its flagship Solwara 1 project is unlikely to be met. Its financing strategy has been spectacularly unsuccessful with commercial operation delayed year after year since 2011.
Investors and local PNG communities have raised serious doubts about the company’s credibility. Nautilus CEO Mike Johnston was put on the defensive by questions posed at the AGM regarding investment risk.
At the AGM, the Deep Sea Mining Campaign and the Vancouver-based Mining Justice Alliance reminded shareholders that Nautilus’ Annual information forms for financial years 2015 and 2016 describe serious environmental and economic risks that render its Solwara 1 project a purely speculative venture.
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