SUBSEA mining proponent Nautilus Minerals Inc. reports that it has recently made progress on financing plans to develop the Solwara 1 Project off the PNG coast.

Nautilus has entered into a financial advisory services agreement with Metals Logistics Investments Limited (MLI), a Dubai registered advisory firm focusing on companies in the resource sector with professionals in the UK, Switzerland and the US. MLI is advising Nautilus on alternative funding solutions.

Nautilus has also engaged Eight Capital as financial advisor to assist in a comprehensive review and analysis of strategic alternatives aimed at enhancing shareholder value. Eight Capital is a Canadian principal-owned, full-service investment dealer and is well-known globally as a leading investment banking firm in the mining sector.

“We are thrilled to be working with two world class advisors like MLI and Eight Capital,” John McCoach, Nautilus’ CEO said.

Meanwhile, the company is still trying to unravel a situation related to a key piece of equipment for the Solwara  Project.

Nautilus was previously notified by Fujian Mawei Shipbuilding Ltd, the owner of the shipyard where Nautilus’ Production Support Vessel (PSV) is being built, that the Shipyard has rescinded the shipbuilding contract between the Shipyard and MAC Goliath Pte Ltd, the contractor engaged by Nautilus to procure the construction of the PSV on behalf of Nautilus.

Nautilus says it is currently in discussions with other parties about the ownership of the PSV and terms of a charter of the PSV to Nautilus.