Currently viewing Global edition

Nautilus ousts Mike Johnston

Seafloor mining pioneer Nautilus Minerals (TSX: NUS) has announced the immediate departure of longstanding CEO and original team member Mike Johnston.
Nautilus ousts Mike Johnston Nautilus ousts Mike Johnston Nautilus ousts Mike Johnston Nautilus ousts Mike Johnston Nautilus ousts Mike Johnston

Nautilus CEO Mike Johnston (left) has been replaced by independent director John McCoach (right)

Staff reporter

The Toronto-based company said independent director John McCoach would immediately replace Johnston on an interim basis.

Nautilus has had a turbulent 2018, the year starting with the resignation of previous chairman, Russell Debney, amid urgent talks to find US$10 million to keep development at Nautilus' majority-owned Solwara 1 copper-gold project off the coast of Papua New Guinea going.

Another $350 million is needed to get Solwara 1 to production. 

Nautilus has had a hard time finding funding, although received a series of bridging loans from major shareholders this year.

On top of its financing woes, last month, a Chinese shipyard cancelled the contract for its more than half-finished production support vessel.

McCoach's mandate is to advance Nautilus' ongoing capital formation programme.