Speed up seabed mining: PNG MP

A Papua New Guinea MP has urged the local Government to speed up development at Nautilus Minerals' troubled seabed mining operation north of Australia.

ABC News reports East New Britain MP Paul Tiensten said the PNG Government should not “unnecessarily” delay the project, which could bring benefits to the local community.

While Nautilus has a licence to mine copper and zinc on the ocean floor, construction of the project remains stalled because of a disagreement with the PNG Government, which is yet to pay a $22 million stake in the project.

Tiensten told ABC News there was no reason for the delay and PNG needed to speed up development in order to prove it was an attractive place to do business.

“The government has approved it, let's get on with it,” he said.

“Get the project up and give Nautilus the right and opportunity to develop the project so that Papua New Guinea islands can address some of its development challenges.”

Late last year Nautilus decided to terminate the construction of equipment for the seabed project, and claimed it could no longer afford to carry total development costs without input from the PNG Government.

The miner also suffered what appeared to be fake takeover bid last month, with rebel investor Michael Bailey releasing a number of questionable media releases regarding the deal.

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