April 23, 2012 / 11:44 AM / 5 years ago

Nautilus signs sales deal with China's Tongling

April 23 (Reuters) - Nautilus Minerals Inc said on Monday it has signed an agreement with Chinese copper smelter Tongling Nonferrous Metals Group Co Ltd to sell roughly 1.1 million tonnes of material from Nautilus’ Solwara 1 deposit located off the coast of Papua New Guinea.

Toronto-based Nautilus, which is focused on exploring for mineral deposits on the ocean floor, said the three-year deal with Tongling will commence upon delivery of first product from Solwara 1, which is targeted around the end of 2013.

Nautilus said the product will be imported into China by Tongling and then processed through its facilities in the city of Tongling. After production of a copper concentrate, it will be smelted in Tongling’s industrial complex and the purchase price to be paid by the Chinese entity will be based on the quality of the copper concentrate produced.

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