STEADY progress at Nautilus Minerals’ Solwara 1 project was reported by the company in its June 2015 quarterly report.

Nautilus reported cash of US$84.6 million as at 30 June and said steady progress had been made on its Solwara 1 project during the quarter.

Progress on the development of the seafloor production tools continued to advance, with delivery of the three machines following factory acceptance testing is expected by the fourth quarter of 2015.

General Marine Contractors in Houston continued with fabrication of the riser system during the quarter and is expected to be completed by the fourth quarter.

Nautilus said GE Hydrill has transferred stored project material back to their assembly shop, with the assembly continuing through to the end of the year and factory acceptance testing planned for the first half of 2016.

In the June quarter, discussions with contractors took place regarding the completion of work packages relating to the riser and lift system, this will allow work that had been undertaken under contracts that were terminated in 2012 to recommence during the third quarter of 2015.

Nautilus said design of the production support vessel has advanced, with the submission of the drawing to the classification society underway.

The shipyard is continuing with the procurement of materials and equipment with a view to commencing steel cutting as planned in the fourth quarter of 2015.

Nautilus said the orders for all major long lead items are in place.

Nautilus chief executive Mike Johnston said the company has continued to make steady progress in advancing the build of the seafloor production equipment to be used at Solwara 1.

“The production support vessel build is progressing to plan, with all key long lead equipment orders placed by the end of the quarter, and design work and preliminary class approval on schedule,” he added.

Nautilus’ Solwara 1 is a copper-gold project which is under development in the territorial waters of Papua New Guinea.