PNG issues seafloor mining environment permit to Nautilus

Papua New Guinea has issued an environmental permit allowing for the world's first commercial seafloor mining project to begin. The PNG government has granted a 25-year environmental permit to Nautilus Minerals to mine gold and copper at its Solwara One site, 1.7 km below the Bismark Sea.

Nautilus CEO Steve Rogers told media the company hopes to begin mining in 2012.