Of course I remember Nautilus. They had a huge chunk of rock that they brought up from the depths of Papua New Guinea that contained huge amounts of copper, gold, iron, you name it. I got all excited and bought some but they never pulled the trigger on building their mining ship. They cancelled a second contract so are sitting on a huge amount of cash.
Logically, they are following the example of the oil/gas business and going offshore where virgin deposits of very high grade ore are sitting on the ocean floor.
They have some very big international mining companies as investors but the collapse of commodity prices and finance have delayed the beginning of the offshore mining business. This permit still doesn't get them a mining ship. They need to sign a contract and build a very specialized, very expensive ship to suck the ore from the ocean floor and procure a shuttle fleet of vessels to take the ore to an onshore processing mill.
Still think the concept is valid and will eventually work but timing is everything and don't know when they will start mining. Kinda like Tara Gold. Sounds good but where's the beef????
Bobwins
Please post stock symbols first in all your posts. If it's a foreign stock, please list the US pk equivalent symbol.
If the Commodities Boom is Over, I am just a Gold Bug headed for the Windshield of LIFE
