Nautilus forming JV to buy cancelled mining ship

Canada's Nautilus Minerals is forming a joint venture to own a mining ship cancelled by a Chinese yard.

The venture with third parties would fund the acquisition and operation of the MAC Goliath, which had been ordered by Dubai's Marine Assets Corporation (MAC).

Nautilus had earlier agreed to pay a charter fee of $199,901 per day over five years for the ship, but will now own and charter it out itself to the Solwara 1 joint venture between one of its subsidiaries and Papua New Guinea’s state nominee Eda Kopa (Solwara).