Seabed investor pulls out

PAPUA NEW GUINEA – A multinational mining company has withdrawn its financial support of the Solwara 1 seabed mining project in Papua New Guinea.

Anglo American has confirmed it is divesting from the project, led by Canadian company Nautilus Minerals.

Nautilus plans to extract gold and copper from deep under the surface of PNG’s Bismarck Sea, but it has yet to complete its equipment requirements for beginning mining, amid signs that it is struggling for finance.

Deep Sea Mining Campaign spokesperson Dr Helen Rosenbaum, said the company indicated its minority stake in the project was inconsistent with its commitments to sustainability, human rights, and environmental stewardship.

Dr Rosenbaum said it was the latest sign that Nautilus’ project was floundering. The PNG government has a 15 percent equity stake in the project, and has been under pressure from environmentalists and local communities to not renew Nautilus’ license.