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Mineral Resources Authority (MRA) managing director Jerry Garry says Solwara 1 is a failed project and will not get off the ground.
Garry when providing an update on the Nautilus proposed seabed mining project said: “We don’t think it (Solwara 1) will get off the ground.
“State had US$120 million (K408.8mil) in it and we will probably write it off as debt.
“That was a risky investment, technology has never been tried and tested.
“Very difficult project.”
Nautilus had planned to extract high grade seafloor massive sulphide (SMS) deposits of copper, gold, zinc and silver in 1,600-metres of water.
On the Tolukuma gold mine in Central, Garry said there was already an investor.
“There is a potential investor, the council (Mining Advisory Council) requested they (investor) provide a financial capability statement and they have not provided that so we are working on that,” he said.
“They are planning to undertake the project in two phases.”
Last year, the Tolukuma Gold Mine’s (TGML) liquidator, Pini Accountants and Advisors, offered for sale by public tender the mining lease 104 and other mine assets as a package.
The liquidator in the public notice, stated that the sale was on a strictly “as is where is basis”.
The firm said the sale comprised the existing tenements, pending tenement applications and various assets including buildings, plant and equipment.
SOURCE: THE NATIONAL/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
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