While all is not lost this outcome is far from ideal.
My nagging suspicion is that this latest twist is a reflection of divisions within the government or that Papua New Guinea is simply trying to gain some form of advantage. I am not sure whether PNG fully understands how close this delicate venture potentially is to one final and fatal disruption. This could come in the shape of one of the three major investors throwing in the towel at long last - something we all hope won't happen. By persuading Nautilus Minerals to accept an extension of the deadline, Papua New Guinea has maneuvered the company into a somewhat uncomfortable position vis-à-vis its investors who were hoping to see some stability and predictability emerge. Nautilus appears to have had no other choice but accept, in return for the vague hope that six months later the response will be a positive one and more cash will be made available. This again suggests that it is still rather difficult for the company to find other major investors.