Dubai's MAC orders mining vessel

Deal follows long term charter arrangement.
NEWS

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The Dubai-based group Marine Assets Corporation (MAC) is believed to be placing an order for a sea floor mining vessel that will be used to extract and transport copper and gold material from the seabed off Papua New Guinea.

The vessel will be chartered by Toronto-based Nautilus Minerals for a minimum period of five years at a rate of $199,910 per day. Following the completion of the five year period Nautilus has the option to either extend the charter or purchase the vessel for an undisclosed fee.
MAC will order the vessel at China’s Fujian Mawei Shipbuilding in accordance with Nautilus’ specifications, with the shipbuilding contract expected to be signed by no later than 28 November 2014. It is due to be delivered by the end of 2017.

The vessel will measure 227 metres in length and have a beam of 40 metres with accommodation for up to 180 people and generate about 31MW of power.

All of the below deck mining equipment will be installed in the vessel during the build process to minimise the equipment integration to be completed following delivery of the vessel.

“We are excited to achieve this significant milestone and secure a vessel contract with such an experienced vessel provider as MAC,” said Nautilus chief executive Mike Johnston.

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