Deep sea mining on hold

Article Summary:

Plans to commence deep-sea mining operations around Papua New Guinea (PNG) have been stalled. A dispute over royalties has led the mining company, Nautilus, to cease to produce the specialist equipment that it needed to undertake the mining operations. The PNG government originally agreed to take a 30 percent share in the enterprise, but is unwilling to help fund the project. PNG also has a limitation on how long a company can hold a mining tract without working it. The mining plans have caused concern for the environment around the islands