Tariq Al Barwani has been named non-executive chairman, replacing Russell Debney, who stood down on December 27.

 

 

Al Barwani, a geologist by training, is a director and shareholder of MB Holding, and CEO of Mawarid Mining, a wholly owned subsidiary of MB Holding (Nautilus' largest shareholder). He joined Nautilus' board in May 2016.

 

Shortly after this announcement, Nautilus said Adam Wright, the company's vice president of PNG operations had resigned, effective February 26. He had been with the company for the past three-and-a-half years. 

 

When Al Barwani was appointed, Nautilus said it had embarked "upon a process of board renewal", looking to bring in new independent directors and "to expand the board's skillsets to support the financing and delivery of the world's first deep sea mine".

 

Earlier this month, the company said it was looking to tie up a bridge loan through a company associated with its two main shareholders, MB Holding and Metalloinvest Holding.

 

This came after Nautilus signalled to the market that it urgently needed finance to keep its Solwara 1 project in Papua New Guinea on course.