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Nautilus Minerals Inc. was a Canadian deep sea exploration and mining company founded in 1997, and listed on the Toronto Stock Exchange between 2007 and 2019. The company was known for Solwara-1, the first deep sea mining project, an attempt to explore and mine a mineral deposit on the seabed off the coast of Papua New Guinea. [1]
Nautilus (NLS) closed at $23.04 in the latest trading session, marking a -0.86% move from the prior day.
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TMC the metals company Inc., [1] doing business as The Metals Company, formerly DeepGreen Metals, is a Canadian deep sea mining exploration company. [2] The company focuses on the mining of polymetallic (nickel, copper, cobalt and manganese) nodules [ 3 ] [ 4 ] in the Clarion Clipperton Zone of the Pacific.
The project was a joint venture between Papua New Guinea and Nautilus Minerals Inc. Nautilus Minerals held a 70% stake and Papua New Guinea purchased a 30% stake in 2011. [45] PNG's economy relies upon the mining industry, which produces around 30–35% of GDP. [46] Nautilus Minerals is a Canadian deep-sea mining company. [44]
Nautilus' Solwara 1 Project located at 1,600 metres water depth in the Bismarck Sea, Papua New Guinea, was an attempt at the world's first deep-sea mining project, with first production originally expected in 2017. [4] [5] However, the company went bankrupt in 2019 after failing to secure funding for the project.