The company now has 15 days to appeal with the High Court.
Trans Tasman Resource project will vacuum iron-rich seafloor sands, to later extract the desired titano-magnetite for export to Asian steel mills.
Under the agreement, the Papua New Guinea government paid Nautilus $7 million, which entitles it to a 15% stake in the project, with an option to increase it by another 15% in the next 12 months.
The seafloor miner revoked Papua New Guinea’s right to a 30% in its flagship project Solwara 1, and is now seeking undisclosed damages.
The forced transfer of US$5.5 million in assets comes after the PNG Government's took over the mine in 2013 and nationalized it.
The Frieda River project in Papua New Guinea is one of Asia-Pacific's largest copper deposits.
As its flagship Solwara 1 project, the new one is also in located in Papua New Guinea’s Bismarck Sea.
PNG's gold industry contributes a higher proportion to the the country's economy than the sector does in any other major mining country in the world.
The miner's shares were up almost 32% at 10:45 ET in Toronto after the announcement.
Other notable good performers in the 2013 Corruption Risk Index are Senegal and Botswana.
The company will use it to keep up its plans of mining the deep blue frontier.
The mining town of Tabubil, in Papua New Guinea, is facing the closure of the nearby Ok Tedi copper mine, an operation that currently employs nearly 2,000 people, most of them locals.
Work off PNG has stopped, but international waters beckon.
No longer willing to foot the Papua New Guinea government's bill, Nautilus says it will terminate contracts with equipment suppliers.
Nautilus Minerals shot up 8.5% in heavy volumes on Wednesday as investors anticipate a new direction for the embattled company following the departure of long-time CEO Stephen Rogers.
PNG Prime Minister: "I think BHP should take its leave at some stage. I'd rather it be sooner than later. BHP has to learn that it has to move on."
Canada-based Nautilus Minerals Inc. (TSX&LON:NUS) sank to fresh lows Wednesday in London, falling almost 5%, hit by the news of a Papua New Guinea’s landowners petition to the Government to cancel the firm’s seabed mining permit.
Harmony Gold says the Wafi-Golpu deposit in PNG could support a $9.8 billion mine with peak annual production of 560,000 gold ounces and 335,000 tonnes of copper.
Gold producer Newcrest Mining (ASX:NCM) resumed its operations at the Lihir project, in Papua New Guinea, following the resolution of a dispute lodged by the Lihir Mining Area Landowners Association (LMALA).
Australia’s largest listed gold company by market capitalization, Newcrest Mining (ASX:NCM), said Tuesday it had to suspend production at its flagship Lihir mine in Papua New Guinea, as protests from a local landowners’ group keep escalating.
The Toronto-based company said in the report it continues to engage the government of PNG in legal proceedings held in Sydney Australia but that it has run into trouble with its German partners building a surface vessel for the operation which would lead to delays.
Nautilus Minerals dropped 7.3% to $1.02 in late-afternoon trade on Wednesday, after the Toronto-based firm announced that it is raising $34 million from its major shareholders at 90c a share to build its seabed mining system.
Newcrest Mining (ASX:NCM) is the one Australian mining major exposed to the greatest level of country risk with 63% of its assets situated in nation-states categorized as 'very high-risk' by analysts.
Release of a pre-feasibility study for Wafi-Golpu in Papua New Guinea is expected any day now and punters hope drilling results that put the deposit into the same league as Freeport-McMoran’s Grasberg mine across the border in West Papua, Indonesia are confirmed.
As Papua New Guinea's sometimes shambolic elections drag on into a third week, already nervous miners with projects in the country would not have been encouraged by news of another miner falling foul of the country's authorities.
The company announced today that it plans to exit Papua New Guinea following receipt of a formal notice that the licence renewal for its non-core Kili Teke property was denied.
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