'lorcan458' pid='58564' datel Wrote:Nautilus started scouting the highest density deposits in the 1990s, I believe. Does anyone know how binding our rights are to the areas we scouted? If they are the highest density deposits and we have them locked in for at least a percentage of profits, even if another company mines them, I think we're in a really dominant position in the market.
The first offshore mineral exploration licenses were granted to Nautilus by PNG in 1997. Mining leases in PNG are governed by the mining act. You can read more about the types of leases here http://www.mra.gov.pg/en-us/license.aspx ;
The lease duration is 20 years, with additonal 10 year extension(s) possible. Nautilus has different types of leases in PNG, including exploration and mining. The Sol1 mining lease is good for 20 years, so the leases are not at risk due to time expiration.
Other contries such as Tonga and Fiji have similar laws, but each with their own flavor. Part of the "project pipleline" challenge will be sequencing the mining with the future equipment builds, overlayed on each country's individual laws.
And yes, if Nautilus would choose they could bring in a partner to do the mining and they could just take a cut of the profits. Happens quite frequently in PNG, especially in the oil & gas space, though I've never heard any indication the company would do that versus mining their tenements themselves.