Nautilus Solwara 1
Nautilus Minerals (Developer) designed and developed Solwara 1 Project in the Bismarck Sea, Papua New Guinea to be the World’s first sea bed mining. As part of its equity option exercise, Kumul Minerals’ predecessor, Petromin made an investment of US$120 million to secure a fifteen percent (15%) interest stake in the Solwara 1 Project. The Project however failed due to financial constrain on the part of the Developer. Many criticized Petromin’s move as a bad investment decision. Whilst the State has not revoked Developer’s mining license, Kumul Minerals plans to exit the project by selling the held 15% interest to any interested parties of interest as part of its Business Plan.