New company formed to mine the deep ocean in PNG, Fiji, Tonga

Date: 1/2/2005

Placer Dome Niugini has set up a joint venture company to mine the deep ocean in Papua New Guinea, Fiji and Tonga. Managing Director, Brad Gordon, says Placer Oceania is hoping to achieve a world first by mining extinct sea mounts, many of which are kilometres below the ocean surface. He says initial work in the Bismark Sea, between Kavieng and Rabaul, has shown high grades of minerals. ‘We have, with our joint venture partners Nautilus, established that we should be able to mine gold and other metals, from deep ocean floors, profitably,’ Mr Gordon said.

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