Smol Melanesian Na World Nius Digest # 3
|NAUTILUS MINERALS TERMINATES EQUIPMENT BUILD FOR ITS SOLWARA 1 PROJECT|
|Wednesday, 14 November 2012|
|Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS)(OTCQX:
Nautilus considers that the State has a contractual obligation to pay an amount of approximately $23.5 million in respect of costs incurred in the development of the Solwara 1 Project up to January 2011, and to make pro-rata capital contributions in respect of subsequent Project development costs which, at the end of September 2012 totalled approximately $51.5 million (excluding interest). The State disputes that it is required to meet such obligations at this time. In order to continue the construction of the Seafloor Production System, Nautilus has been forced to carry the State’s share of Project development costs to date.
It has been Nautilus’ preference to resolve the dispute with the State by agreement and with that aim Nautilus has taken steps to meet with senior representatives of the State, including discussions with National Executive Council Ministers. Unfortunately, to date, an agreed commercial resolution with the State has not been achieved and Nautilus believes the avenues for achieving such a resolution within the timeframe that Nautilus could reasonably continue to carry the total development costs for the Project have now been exhausted. Accordingly, in order to preserve capital, Management and the Board of Directors of Nautilus have decided to terminate construction of its Seafloor Production System. All of the relevant supplier agreements contain provisions for termination without penalty. The Company has also been forced to reduce staff numbers with approximately 60 positions to be made redundant.
Nautilus’ CEO, Mike Johnston, commented: “While terminating the equipment build for the Seafloor Production System and reducing staff numbers to this extent was a difficult decision, it was appropriate. Nautilus has a highly prospective ground position, which includes 19 identified prospects in Tonga, including the recent high grade discoveries in the NE Lau Basin and a 410 million tonne Inferred Mineral Resource in the Central Pacific (see links section for full press releases). Despite this setback, the Company remains committed to maximizing shareholder value by achieving its objective of developing the world’s first commercial seafloor copper-gold project and launching the deep water seafloor resource production industry, whilst maintaining an environmentally and socially responsible approach.”
Terminating the equipment build for the Seafloor Production System includes discontinuing discussions regarding an alternative vessel and associated funding solution. This means there will be a considerable delay in any commencement of production operations and it may also result in an increase in the Project cost.
Conference Call Details
A Conference Call and Webcast will be held by the Company on Tuesday, November 13, 2012 at 10:00 a.m. EST (Toronto), 3:00 p.m. GMT (London)
Webcast link: http://www.media-server.
If your country dial-in number is not included here please email [email protected]
A presentation to support the conference call will be posted on www.nautilusminerals.com
For more information please refer to www.nautilusminerals.com.
Certain of the statements made in this news release may contain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934 and forward-looking information within the meaning of applicable Canadian securities law. Forward-looking statements and forward-looking information include, but are not limited to statements or information with respect to Nautilus developing a seafloor copper-gold project and commencing production thereon. We have made numerous assumptions about the material forward-looking statements and information contained herein including the progression of the arbitration of the disputes between Nautilus and the State. Even though our management believes the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements or information. Such risks, uncertainties and other factors include, among others, the risk that arbitration involving the dispute with the State does not result in a positive outcome. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. Although we have attempted to identify factors that would cause actual results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events not to be as anticipated, estimated or intended. Also, many of the factors are beyond our control. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly you should not place undue reliance on forward-looking statements or information. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has been granted all necessary environmental and mining permits.
Nautilus also holds more than 500,000 km2 of highly prospective exploration acreage in the western Pacific; in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.
A Canadian registered company, Nautilus is listed on the (TSX:NUS) and (AIM:NUS) stock exchanges and (OTCQX:NUSMF). Its corporate office is in Brisbane, Australia. Its major shareholders include Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 21% holding, global mining group Anglo American, which holds an 11.1% interest and MB Holdings, an Oman based group with interests in mining, oil & gas, which holds a 16.9% interest.
Neither the TSX, London Stock Exchange nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
TWO agreements were signed yesterday which will allow a submarine communication cable reach our shores.
Minister for Finance and Treasury Rick Hou signed a financing agreement with the Asian Development Bank (ADB) and a project agreement with Solomons Oceanic Cable Company (SOC), for the project to proceed.The Solomon Islands Broadband for Development Project was to build a submarine cable system that will connect the Solomon Islands to an existing international submarine cable network that runs between Guam and Sydney, Australia.
Mr Hou described the signing marked the start of a milestone project that will boost economic activities in the Solomon Islands.
He said the project is vital and that the Government is throwing its full support because of the substantial benefits it will fetch.
“Telecommunication costs should substantially reduce and internet connections improved.”
Mr Hou said the cable will be pulled across to two provinces for a start.
“We plan to initially connect the cable with Malaita and Western Provinces.
“As such, it is likely 75 percent of the population especially those in the rural areas will be covered in terms of the benefits.”
Solomon Telekom and the National Provident Fund had already injected $10 million in support of the project.
Regional director of ADB’s Pacific Liaison and Coordination Office in Australia Andrea Iffland who signed on behalf of ADB, said the Solomon Islands stand to benefit a lot from the project.
“Cost of doing business will reduce and economic and social activities boosted,” Mrs Iffland said.
She said people in remote areas will greatly benefit from social service spin off from the undertaking.
“Communication will be very reliable and improved, education and more will benefit people.”
A representative from SOC said once the financing agreement completes, the implementation process will start.
“We are looking at implementing the project within 6 to 12 months.
“This means the project should be in operation by December 2013 if the financing aspect is on time.”
The project will be financed by the Asian Development Fund loan and grant funds, commercial financing from ADB and equity brought in by SOC.
By Ednal R. Palmer
Vanuatu’s stand on West Papuan issue at crossroads
Posted at 18:28 on 14 November, 2012 UTC
Vanuatu’s long-running support for West Papuan independence is at stake as the country’s newly-elected MPs attempt to form a government.
Ahead of next week’s first sitting of the new parliament, two groups are claiming majority support – one led by the caretaker Prime Minister Sato Kilman and the other by Edward Natapei of the Vanuaaku Pati.
The move by the previous Kilman-led government to strengthen ties with Indonesia, following the Melanesian Spearhead Group’s decision to grant Indonesia observer status, has left the Papua issue at a crossroads in Vanuatu.
The Kilman government went against popular opinion in Vanuatu by forging closer links with Jakarta.
Ongoing human rights abuses suffered by the indigenous Melanesians in Indonesia’s Papua region are a very sensitive matter for ni-Vanuatu.
Edward Natapei says that in particular the agreement signed with Indonesia, precluding Vanuatu from raising the Papua issue, has hindered Vanuatu’s work on the issue.
“That is also another stumbling block so it’s going to be difficult for us to move forward with the West papuan issue, unless we sit down and consider this agreement that was signed recently by the current caretaker government and also re-look at their observer status in the MSG.”
The former Prime Minister, and leader of the Melanesian Progressive Party, Barak Sope, is deeply concerned about the role if Indonesia’s military in ongoing violence in Papua.
Heading into Vanuatu’s recent election, he promised he would cut relations with Indonesia if he got into power.
Mr Sope is also concerned that the Melanesian Spearhead Group, under its current chairman, Fiji’s interim leader Commodore Frank Bainimarama, granted observer status to Indonesia.
“Fiji (Fiji’s regime) does not have the mandate from the people of Fiji to take such action. It’s a military dictatorship so I’m worried that a dictator comes in and brings Indonesia into this organisation. All of us are democratic countries, we all get ourselves elected, except Bainimarama. So I will not accept that position.”
West Papuans have been lobbying the MSG for observer status over many years, gaining hope from the precedent set for New Caledonia’s indigenous Kanaks.
While such hopes have continually been dashed, a younger generation of Vanuatu leaders like the newly elected Lugainville independent MP Kalvau Moli say the fight for Papuan self-determination will not end.
“The Melanesian bloc cannot be independent unti west papua is independent. Totally politically independent, we believe in that.”
Kalvau Moli says the MSG acceptance of Indonesia is a violation of the hopes of Melanesians.
“That mess will be cleared up but we’re going to be doing that the Melanesian way. and we think that a stronger (Vanuatu) government will be in a better position to address the West Papua issue, especially because the MSG (Secretariat) is based in Vanuatu but regrettably, we’ve done very little to cater for their calls. The first priority for me would be to put Papua back on the UN Decolonisation Committee, that’s a priority. Have that placed there and if we face difficulty there, that matter will be taken to the International”
“Court of Justice.”
Under a Natapei-led government in 2010, Vanuatu decided to request UN support for the International Court of Justice to provide an advisory opinion on the process in which the former Netherlands New Guinea was ceded to Indonesia in the 1960s.
However Edward Natapei concedes the move hasn’t advanced.
“Vanuatu alone can’t do very much in the United Nations so it’s very important that we get the support of the MSG, get the support of the Pacific Islands Forum countries and then progress that forward; perhaps get the support of other countries in the Carribean and Africa.”
Vanuatu’s bid for UN support on the Papua issue is unlikely to progress if the Kilman group emerges as the government when Vanuatu’s parliament sits next week.
Radio New Zealand International- http://www.
Hillary Clinton soothes China on alliance
- BY:CAMERON STEWART
- From:The Australian
- November 15, 2012 12:00AM
- AUSMIN talks underway
- Clinton applauds Asia white pa…
- Carr outlines AUSMIN talks wit…
- AUSMIN meeting
AUSMIN talks underway
AUSMIN talks are underway in Perth, with the US presense in the Asia Pacific a key talking point.
Clinton applauds Asia white paper
Hilary Clinton has applauded Australia’s Asia white paper while on her visit to Perth for the AUSMIN talks.
Carr outlines AUSMIN talks with US
Bob Carr says Australia and the US are determined to build a prosperous future in the Asia-Pacific region.
Bob Carr, left, Hillary Clinton, Stephen Smith and Leon Panetta after yesterday’s AUSMIN meeting in Perth. Picture: AFP Source:AFP
AUSTRALIA and the US must show China that their growing military alliance is good for the region and “the Pacific is big enough for all of us”, US Secretary of State Hillary Clinton has declared.
Speaking in Perth after annual defence talks with Australia, Mrs Clinton said the region wanted to see a strong and prosperous China but only one that was transparent in its actions and respected international laws, freedom and human rights.
Her comments came as US and Australian officials released a joint communique that confirmed closer military ties but deliberately contained no major new announcements.
Foreign Minister Bob Carr pointedly said that it “contained no language of containment”.
His comments were directed at Beijing, which reacted angrily last year to the announcement during US President Barack Obama’s visit that US marines would be rotated through Darwin.
China’s state-run media warned then that Australia risked getting “caught in the crossfire” between the US and China.
This year, Australian officials were anxious to avoid antagonising China further and chose to make only cautious progress in furthering previously announced plans to allow US planes greater access to airstrips in northern Australia and US warships greater access to ports in Perth and elsewhere around the nation.
When asked at the conclusion of the Australia-United States Ministerial consultations about China’s reaction to growing military links between Australia and the US, Mrs Clinton said it should be understood that the alliance was decades old and among the strongest in the world.
“It is up to the US and Australia to lead the way in demonstrating that the strong relationship between us can also help foster strong, healthy relations with China,” she said.
“The entire region will benefit from a peaceful rise of China.
“We welcome a strong and prosperous China that plans a constructive and greater role in world affairs, but we also want to see China act in very transparent ways that respect international norms and standards (that) follows international law, protects the fundamental freedoms and human rights of its people, of all people.
“The Pacific is big enough for all of us.”
She said closer co-operation with China would benefit the entire region, “so long as there is a level playing field, everybody knows what the rules are and everybody is held to the same standards”.
The AUSMIN communique called on China “to exhibit greater transparency in its ongoing military modernisation”, a reference to Beijing’s refusal to reveal the full extent of its defence spending or rationale behind it.
Also yesterday, US Defence Secretary Leon Panetta foreshadowed that Australian special forces could play a “very important” role in Afghanistan, after regular troops were withdrawn in 2014, to prevent that country from once again becoming a terrorist safe-haven.
“One of the missions we are going to have to deal with post-2014 in Afghanistan is the counter-terror issue, the ability to continue to target al-Qa’ida and those who would continue to try to conduct terrorist (activities),” Mr Panetta said.
“In the post-2014 presence, if we want to consider the role not only of Australia but of other countries in providing a special forces capability, that, I think, would be very important for the future security of Afghanistan.”
Mr Panetta made no criticism of Australia’s defence budget cuts and said he appreciated that both the US and Australia were “facing budget restrictions”.
“We have to take those into consideration,” he said. “We understand the restrictions we are dealing with but I remain fully confident that we have the capability to maintain a strong national defence for both of our countries and we will be able to meet the threats that confront us.”
The only agreement finalised at AUSMIN this year was to use facilities in Western Australia to improve the US’s ability to track space assets and debris in space.
Mrs Clinton said plans announced during the US President’s visit last year for greater US use of Australian military facilities were a key part of Mr Obama’s promise to “pivot” more American forces into the Asia-Pacific region.
The pivot is expected to have 60 per cent of US forces stationed in the region, compared with 50 per cent previously.
“We also are eager to implement in a continuing fashion the agreements reached by President Obama and Prime Minister Gillard last November which will help the United States move to a more effectively distributed, operationally resilient and politically sustainable force posture in the region,” Mrs Clinton said.
The AUSMIN meeting reconfirmed the continued rotation of marines through Darwin, with the current 250 a year being ramped up to 2500 in the next five years.
Talks also began on greater US airforce access to remote bases in Australia’s north, but there was no indication on when such a plan would be implemented.
Other talks started on the plan to increase US warship visits to HMAS Stirling in Perth. Defence Minister Stephen Smith said such a move was “years away”.
The communique said these proposals “would require substantial further study and additional decisions by both capitals”.
Mrs Clinton congratulated Australia on its election to the UN Security Council.
Abbott in trouble again after ‘urban Aboriginal’ remark
- November 15, 2012
Sydney Morning Herald chief political correspondent
Visit the Australian Outback and discover an ancient living culture
TONY ABBOTT has moved to build bridges with one of his own MPs, Ken Wyatt, after a falling out caused by Mr Abbott labelling him an ”urban Aboriginal”.
Following an angry reaction from Mr Wyatt, the first indigenous member of the House of Representatives, Mr Abbott said he was ”incredibly proud” to have Mr Wyatt in his team and his only intention was to increase the number of indigenous members of Parliament.
Mr Abbott stirred the controversy in Alice Springs at the weekend when he tried to poach from the Country Liberal government, the indigenous minister Alison Anderson.
Mr Abbott wants her to challenge the federal minister, Warren Snowdon, for his seat of Lingiari.
Mr Wyatt, whose mother Mona was a member of the stolen generation, was unimpressed and he and Mr Abbott had words over the phone on Monday night.
At a dinner on Saturday, Mr Abbott reportedly described Mr Wyatt, who won the Perth seat of Hasluck at the 2010 election, as a good bloke but ”not a man of culture”.
But on Tuesday, Mr Abbott exacerbated tensions again with his push to poach Ms Anderson.
”I think it would be terrific if, as well as having an urban Aboriginal in our Parliament, we had an Aboriginal person from central Australia, an authentic representative of the ancient cultures of central Australia in the Parliament,” he said.
The distinction between urban and authentic upset Mr Wyatt who told Perth radio that comments such as Mr Abbott’s ”don’t help”.
”In my case all I want to do is get on with my job and be a good member of the reps and reflect the views of my constituents,” Mr Wyatt said.
”It is unfortunate that we have got this whole debate going around authentic Aboriginals because all Aboriginal people, no matter where they live, are authentic.
”All of us are proud of our heritage. It does not matter where we live.”
Mr Abbott has a strong record of championing indigenous people and their causes but his comments worried some of his colleagues who feel the leader has become gaffe-prone of late. The NSW Liberal backbencher Alex Hawke described Mr Abbott’s language as ”a tiny bit clunky”.
The Prime Minister, Julia Gillard, said it was not right to put indigenous people into ”neat columns or descriptors”.
The NSW Labor MP Ed Husic sought to make mischief, saying Mr Abbott’s days as leader were numbered. ”He’s gone,” he said.
Mr Husic said Mr Abbott had become gaffe-prone like Kim Beazley just before the then Labor leader was replaced by Kevin Rudd in December 2006.
Mr Husic likened the comments about Mr Wyatt to Mr Beazley’s fatal error of confusing TV star Rove McManus with the US political operative, Karl Rove.
The gambling company Betfair said on Wednesday that Julia Gillard was now more favoured than Mr Abbott to be leader by the time of the next election.
Betfair said Ms Gillard was the ”hot favourite” at $1.45 to be Labor leader on election day while Mr Abbott had moved out to $1.66 to remain the Opposition Leader until election day.
This means Mr Abbott has a 57 per cent chance of leading the Coalition to the next election compared with 65 per cent for Ms Gillard.
Official requests up for Aussies’ web data: Google
- November 14, 2012 – 2:57PM
- 15 reading now
Bianca Hall is education and media correspondent
Australian authorities are increasingly monitoring web users’ activities, as worldwide governments increasingly track the online lives of citizens.
In the first six months of the year, Australian authorities made 523 requests to Google to access the data of 841 Gmail and YouTube users.
Google complied with 64 per cent of those requests, down one per cent since last year.
Worldwide, authorities made 20,939 requests that Google offer information on its users – a sharp increase on the 12,539 requests recorded in July 2009.
Authorities made 1791 requests that Google remove 17,746 items in the first six months of 2012. Most of the requests came from government authorities and law enforcement.
The figures, contained in Google’s latest Transparency Report, show a steady rise in the number of requests for access from Australian governments since it first began publishing the data in July 2009.
“The number of requests that we receive for user account information as part of criminal investigations has increased year on year,” Google said in a blog posting.
“The increase isn’t surprising, since each year we offer more products and services, and we have a larger number of users.”
Australian governments also made 92 requests to remove items from Google websites, including YouTube and search engine results.
Most of the requests were made for “privacy and security” reasons, or over defamation and copyright issues.
A small number were removed for reasons of “government criticism”.
Google highlighted one instance where a state government, which it did not name, asked to remove a YouTube video of “statements made against police officers”.