25 May 2012

Anglo ups Nautilus stake

05/11/2008 Robert Tyerman

Mining giant Anglo American is putting another £6.5 million into seafloor mining hopeful Nautilus Minerals.

Anglo has increased its holding in Vancouver-based Nautilus – which is seeking to prove and develop high-grade mineral deposits at the bottom of the Pacific Ocean – from 5.7 per cent to 11.1 per cent by exercising an anti-dilution right granted two years ago, paying the equivalent of 70p and 77p respectively for two tranches of Nautilus shares. The Toronto and AIM-quoted company, in which Canadian mining group Teck Cominco also has a significant stake, says it will use the money to develop its gold and copper projects, in particular Solwara 1, off Papua New Guinea.

‘We remain supportive of this deepwater initiative,’ says Brian Beamish, Anglo’s base metals chief. Stephen Rogers, chief executive of Nautilus, declares that the company is ‘looking forward to continuing to work with Anglo American and our other strategic investors as we move towards production in 2010’.

Floated at185p in 2007, Nautilus shares rose to 279.5p before crumbling all the way to 40.5p last month. Now 73.5p, up 6p this morning, they have speculative potential.  

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Sector: Mining

Companies: Nautilus Minerals , Anglo American

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