Nautilus delays seafloor mine developm

摘要

The turmoil in the world markets has prompted Nautilus Minerals (NUS-T, NUS-L) to delay construction of the mining system for its Solwara 1 seafloor copper-gold-zinc-silver massive sulphide deposit, off the coast of Papua New Guinea. Instead, the company will hold on to its cash - it had 266.6 million US dollars as of Sept. 30 - until the markets stabilize. "The continued uncertainty in the financial markets now forces us to take a more cautious approach," said Nautilus CEO Stephen Rogers during a conference call. "The project requires further funding to take this project comfortably to its startup and commissioning cycle."