- Business
- Nautilus Minerals Inc. (NUSMF) engages in the exploration of seafloor massive sulphide deposits containing copper, gold, silver, and zinc, as well as manganese, nickel, copper, and cobalt nodule deposits, primarily through its former principal Solwara 1 project in the Bismarck Sea off Papua New Guinea; the company previously developed specialized seafloor production tools including remotely operated mining machines for ore extraction and collection, and planned a production support vessel for ore processing and transport. Incorporated in 1987 and headquartered in Vancouver, Canada, Nautilus Minerals targeted deep-sea mineral resources in the Pacific Ocean, including exploration licenses in the Bismarck Sea and applications in other Pacific regions, with operations focused on Papua New Guinea where it held a mining lease in partnership with the state-owned Eda Kopa through a 15% equity stake. The company delisted from the Toronto Stock Exchange in 2019 following bankruptcy due to funding shortfalls, payment disputes, environmental opposition, and project delays on Solwara 1, which required $350 million to commence but collapsed amid only $200,000 in cash; its key assets, intellectual property, subsidiaries, and project rights were subsequently acquired by Deep Sea Mining Finance Limited, now owned by parties including MB Holding and Metalloinvest, leaving the ticker in liquidation with a share price near zero and minimal institutional holdings.