Sustainable Mining Solutions (SMS) is a joint venture between Deep Sea Mining Finance Limited (DSMF) and SM2 Limited (SM2).
DSMF acquired the assets and key subsidiaries of the Nautilus Group in a transparent process known as Companies Creditors Arrangement Act, approved by the Courts of Canada, B.C., in 2019.
This included the acquisition of Nautilus Mineral Niuguini Limited, which holds the current Mining Licence and Environmental Permit of Solwara 1.
SM2 is a partner of DSMF, who acquired their interest through the successful completion of 2 phases of work under a Farm-In Agreement.
The Government of Papua New Guinea (PNG) has both a direct and indirect involvement:
Direct Interest: The state-owned entity, Eda Kopa Ltd, holds a direct 15% equity interest in the Solwara 1 Project.
Indirect Interest: The Solwara 1 project is regulated under PNG law, which is governed and monitored by the Mineral Resources Authority and the Conservation Environment Protection Agency.