Subsea Mining

6 August 2008 Perch Branch Evening Meeting

Chairman Ben Witton, Trident Australasia
Sponsored by Nautilus Minerals Inc.

Report

Flyer

Overview

Underwater mining has been conducted throughout history using various techniques ranging from panning for gold by hand in rivers, to dredging for diamonds in the alluvial plains of African river deltas. With the rapid rise in ore prices, new frontiers are now being explored to mine high value ore deposits formed by subsea volcanoes at water depths of around 2000m. This technical evening meeting overviewed advances in subsea mining, and the environmental, regulatory and social issues that will need to be resolved for the development of this industry in the Asia Pacific region.

Presentations

Needles in an underwater haystack – copper and gold from the seafloor

Steve Rogers, CEO Nautilus Minerals Inc

Steve presented an overview of the Solwara 1 project located in the territorial waters of PNG. This world-first project is focusing the imagination and enthusiasm of some of the largest resource groups from around the globe. Nautilus is working towards the commencement of seafloor production in 2010 (subject to timely permitting), which will mark the birth of a new industry ... the excitement, like the project, continues to grow!

Exploring the social dimensions of an expansion to the seafloor exploration and mining industry in Australia

Shannon Johns, Research Geoscientist, CSIRO Exploration and Mining

Record world demands for minerals now means the seafloor around Australia is increasingly being seen as a new frontier. The environmental, economic, regulatory and social issues raised as a result of the mining industry's interest in extracting rich deposits of minerals from Australia's seafloor are discussed in a new CSIRO Wealth from Oceans report titled, 'Exploring the social dimensions of an expansion to the seafloor exploration and mining industry in Australia'. The reports recommends the creation of an improved information base, enhanced communication between stakeholders and an improved understanding of the policy and legislative process.