Nautilus Minerals says it’s in a “dispute” with the Papua New Guinea Government over plans to mine gold and copper on the ocean floor.
In a statement to the Toronto stock exchange Nautilus said while the PNG Government had taken a 30 per cent share in its Solwara 1 Project it had failed to share the costs in the development.
“Unless and until the dispute is resolved, completion will be delayed or may not occur and Nautilus must continue to carry these costs,” it said.
Nautilus said the dispute meant it may have to “slow or defer” its build program, which would have downstream impacts on the rest of the development’s schedule and cost.
Nautilus has previously drawn criticism from former Greens leader Bob Brown over its seabed mining plans.
The Northern Territory has also received a number of proposals for seabed exploration in Australian waters.