SPC Geoscience Division

Home News & Media Releases Latest PNG Buys 30% Share In Seafloor Mining Venture

PNG Buys 30% Share In Seafloor Mining Venture

Monday, 21 March 2011 10:03 administrator
E-mail Print PDF

The Government of Papua New Guinea has confirmed that it intends to take up a 30% stake in the Solwara 1 project in the Bismarck Sea in Papua New Guinea (PNG).

Nautilus Minerals will retain a 70% holding in a joint venture to be established with the PNG Government. In a letter to Nautilus, PNG Treasurer Peter O’Neill said the Ministerial Committee on Economic Sectors and the National Executive Council (NEC) had endorsed a recommendation that the State exercise its rights to 30% equity in the a joint venture.

Read Full Article (Source: Australian Journal of Mining)

Last Updated on Monday, 21 March 2011 10:09  

Newsflash

Common threats based on similar geography and vulnerabilities of small islands, has been a major influence on the increased cooperation between the Caribbean and Pacific Regions.

Two of the major players in this developing relationship are SOPAC, a division of SPC, and CDEMA (Caribbean Disaster Emergency Management Agency).

The Executive Director of CDMEA, Jeremy Collymore has been instrumental in fostering the exchanges between the two regions. that have led to a growing recognition of the range of learning capabilities, and practices for improving effective disaster prevention and management at the national level.