This license approval in one of Maui's pet plays bodes well for IOC. Disagreements had Nautilus headed to arbitration and legal proceedings with PNG Gov't just this summer. PPS had gone from about $3 to $1 in the last year. Caretaker status, real or perceived threats and Guinea Piginism fell short as PNG needs foreign investment and the jobs, taxes and revenues it brings. This is a look into a proactive O'Neill Gov't as they understand the needed revenues of the nation can only come from foreign investment.
**********
Posted at 07:26 on 09 August, 2012 UTC
The Papua New Guinea Government has approved the world’s first commercial deep-sea mining project despite vehement objections based on real or perceived threats to marine life.
Canadian firm, Nautilus Minerals, has been granted a 20-year licence by the PNG Government to commence the Solwara 1 project, the world’s first commercial deep sea mining operation.
The project is estimated to generate over a billion US dollars and provide work for thousands of Papua New Guineans.
Nautilus will mine an area 1.6 kilometres beneath the Bismarck Sea, 50 kilometres off the coast of New Britain.
The ore that will be extracted contains high-grade copper and gold.
A co-ordinator for the Deep Sea Mining campaign, Helen Rosenbaum, says PNG is the guinea pig for deep-sea mining, with mining companies waiting in the wings ready to pile in.
Ms Rosenbaum says there is no certainty of the risks in the operation and this should trigger a precautionary principle.
