Masthead graphic based on a painting by Gudrun Thriemer.

Wednesday, June 25, 2008

"Canadian Miner Nautilus Aims to Tap Riches of Ocean Floor," Reuters/Planet Ark, June 26 2008.

[Here we go again. -jlt]

The company has just over US$300 million in cash, and also has deep-pocketed backers in Teck Cominco, Barrick Gold, Anglo American and Epion Holdings, which is owned by Russian investor Alisher Usmanov.

TORONTO - Rocketing metal prices have prompted miners to seek out deposits in nearly all corners of the globe, but Canada's Nautilus Minerals is gunning to be the first to pull gold and copper from the ocean floor.

Nautilus has spent the last year signing contracts for a ship and deep-sea mining equipment, and is targeting production from a seabed deposit located off the coast of Papua New guinea by late 2010.

Read the rest here =>
Recommend this Post

Sphere: Related Content