Deep Sea Mining Agreement Reached

Posted by George Backwell
Sunday, April 27, 2014
Deep sea minerals PNG: Image Nautilus

The opening of the world's first mine in the deep ocean comes closer to reality as Canadian mining company, Nautilus Minerals, signs an agreement with the Papua New Guinea Government to start excavating an area of seabed.

The project will extract ores of copper, gold and other valuable metals from a depth of 1,500m, The mine will target an area of hydrothermal vents where superheated, highly acidic water emerges from the seabed, where it encounters far colder and more alkaline seawater, forcing it to deposit high concentrations of minerals. The result is that the seabed is formed of ores that are far richer in gold and copper than ores found on land.

For decades, the idea of mining these deposits - and mineral-rich nodules on the seabed - was dismissed as unfeasible because of the engineering challenge and high cost. But the boom in offshore oil and gas operations in recent years has seen the development of a host of advanced deep sea technologies at a time when intense demand for valuable metals has pushed up global prices.

The mine, known as Solwara-1, will be excavated by a fleet of robotic machines steered from a ship at the surface. The construction of the largest machine, a Bulk Cutter weighing 310 tonnes, has just been completed by an underwater specialist manufacturer, Soil Machine Dynamics (SMD), based in Newcastle, UK, according to a BBC report.

The plan is to break up the top layer of the seabed so that the ore can be pumped up as a slurry.

Nautilus' CEO, Mike Johnston, said the Company was pleased to have achieved an amicable resolution of its issues with the State.

"This step represents a major vote of confidence in Nautilus Minerals and the Solwara 1 Project. Through this joint venture, the State will provide a significant capital investment and will retain a direct interest in the long term success of the Project. We look forward to working closely with the State and Petromin on Solwara 1, which will generate significant economic activity within the State and the Province of New Ireland," he said.

Under the agreement, the state will take an initial 15% interest in the project with an option to take up to a further 15% interest within 12 months of the agreement becoming unconditional. Papua New Guinea has paid Nautilus a non-refundable deposit for its initial 15% interest of US$7,000,000.

Source: Nautilus Minerals/BBC News
 

 

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Georgia Hooks Trident Seafoods

Trident Seafoods has opened a $40 million production and distribution center in Carrollton, Ga., providing 175 full-time jobs and the capacity to produce 50,000

Intermarine Opens Office in Ecuador

Intermarine, LLC, a transporter of project, breakbulk and heavylift cargo, announced it has opened an office in Quito, Ecuador.   The new office will operate

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

Technology

TOTE’s 2nd LNG Containership Launched

Shipping company TOTE and shipbuilder NASSCO on Saturday launched Perla del Caribe, the second of two Marlin Class ships – the first containerships in the world to be powered by natural gas.

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

HMAS Canberra Initial Operational Capability

The Royal Australian Navy’s Amphibious Ship, HMAS Canberra, has completed a graduated operational test and trials program to achieve a key milestone towards Initial Operating Capability.

Contracts

ME Production Receives Two Scrubber Orders

ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design,

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

Offshore

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

Hitachi Gas Supply System Order for MHI

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Hitachi Zosen Corporation for a high-pressure gas supply system enabling use of natural gas as fuel in marine engines.

Finance

Bunkers International Files for Bankruptcy

U.S. based bunkering services firm Bunkers International Corp. announced August 28 that it has filed for reorganization under Chapter 11 of the Bankruptcy Code.

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

Greek Coastguard Rescues 2,500 over Three Days

Greece's coastguard has rescued about 2,500 migrants and refugees off the country's eastern islands over the past three days, authorities said on Monday, as the

Underwater Engineering

HMAS Canberra Initial Operational Capability

The Royal Australian Navy’s Amphibious Ship, HMAS Canberra, has completed a graduated operational test and trials program to achieve a key milestone towards Initial Operating Capability.

Damen's Ship with Van der Velden FLEX Tunnel Commissioned

The first ship outfitted with the Van der Velden FLEX Tunnel was named Friday, August 14th in Duisburg. The Rhenus Duisburg, the new barge combination from shipping company Rhenus PartnerShip,

Ecopetrol, JX Nippon Team Up to Explore Brazil Offshore

Ecopetrol reports it has established an Alliance with Japan’s JX Nippon Oil & Gas Exploration through its affiliate in Brazil, Ecopetrol Óleo e Gás to explore the FZA-M-320 block,

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6395 sec (2 req/sec)