 | | | Minesite Weekly Roundup 12th - 19th November 2012 | | | | Dear Minesite subscriber, Earlier in the year film director James Cameron and Google bosses Larry Page and Eric Schmidt teamed up with a plan to mine asteroids in space. Pie in the sky?
To be sure, the lead times for such a project look more lengthy than most, but on the other hand any sensitivity analysis the partners may have run is hardly likely to have been affected by recent commodity price weakness. This one is unlikely to be mothballed because of higher oil prices.
James Cameron also has a penchant for exploring that other final frontier, our ocean depths, and recently took a submarine down into the Marianas trench. In that context one can only applaud his sagacity in avoiding the temptation to get involved with any undersea mining ventures along the lines of his space ones.
Because if the latest adventures of Nautilus Minerals are anything to go by, Mr Cameron's plans to mine asteroids will happen before Nautilus gets to suck up any of its seafloor massive sulphides from the ocean bed.
Nautlius's shares are at a five year low, having dropped 90 per cent over the past two years, and all because the state of Papua New Guinea doesn't want to stump up its share of development costs for the undersea mining kit.
Not good news for those who participated in the recent C$33 million placing at C$0.90 per share (56p). However, one of the major participants, Anglo American, is already sinking fast without any help from Nautilus, and its involvement in another doomed affair is hardly surprising.
In any case, it was always a boom-time project, mining the sea. And Nautilus isn't the only company to have destroyed shareholder value in the attempt. A few years ago, Cambridge Mineral Resources came up with a plan to filter copper out of the water in the Gulf of Sevile, and shortly after that, went bust.
So, is a mine now a whirlpool in the ocean with a liar on top of it? Or is it a black hole in space with film director on top of it? For serious investors, the message is clear. Stay on dry land. That way you will keep your head above water. | 92nd Minesite Forum Thursday 6th December 2012 |
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