Mining The Deep: All About $ For the Government

The PNG Mine Watch blog posts some unfortunate news today about mining the hydrothermal vents of the PNG coast at the Solwara 1 site.

Papua New Guinea’s Mining Minister, John Pundari told Nautilus chief executive officer Steve Roger that the PNG government was fully committed to supporting the project as indicated through its decision to acquire a 30% stake in the world’s first deep sea mining project.“It is my intention to make an announcement on the fulfillment of the government’s commitment in the next few weeks”

Of course it’s not hard to get the mining permits you need from the government when the government gets to take 30% of the profits.

via Mining Minister visits Nautilus in Brisbane | Papua New Guinea Mine Watch.

2 Replies to “Mining The Deep: All About $ For the Government”

  1. Dr “M”
    You say that “Of course it’s not hard to get the mining permits you need from the government when the government gets to take 30% of the profits.”
    At the time the permits were granted the PNG government had not taken up a 30% interest in the tenements.
    What is more, the PNG government must pay for its 30% equity, its not free carried in any way.
    Nor was the Minister for Mining involved in the formulation of the determination to grant the tenements, that occurred through a normal process by the recomendation of the Mining Advisory Council.
    The Minister was not involved in that process.

  2. I agree with Wesley.
    The PNG Watch post is a cheap and biased shot.
    They should do their homework and at least read the permit details.
    Lets hope that the Solwara 1 will address environmental concerns, otherwise I don’t see any “conspiracy” here.

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