Nautilus Minerals (TSX:NUS, StockForum), a Toronto-based off-shore mining firm engaged in the exploration and development of seafloor massive sulfide systems in Papua New Guinea and around the world, announced today that the company had terminated an agreement with the State of Papua New Guinea.
The termination came as a result of the State not completing its purchase of 30% interest in the company's Solwara 1 Project despite the arbitrator's ruled award of October 2, 2013.
According to the news release, “In accordance with the State Equity Option Agreement signed by the parties in March 2011, Nautilus has terminated the Agreement and will now claim damages.”
It was quick to note however, “Nautilus continues to seek an amicable resolution of the dispute with the State.”
The company plans an investor conference call and webcast on Tuesday, February 18, 2014 at 10:00 am EST for all interested and involved parties.
Nautilus was in the news recently when the company announced third quarter results from fiscal 2013.
Shares dropped 10% on the news to $0.225 per share.
Currently there are 440.8m outstanding shares with a market cap of $99.2 million.