Ikimotu, Hele, et al. “PNG Deep Sea Mining Project Another ‘Failed Investment’, Says Ex-Minister.” Asia Pacific Report, 14 Nov. 2018, https://asiapacificreport.nz/2018/11/14/png-deep-sea-mining-project-another-failed-investment-says-ex-minister/
Summary: Nautilus Solwara, a 1 deep sea mining project, has been accused of being a Papua New Guinean government “failed investment” on the verge of bankruptcy. Solwara was still desperate to seek out funds for its flagship Solwara 1 deep sea mining project, while its commercial operation had been delayed since receiving a licence to mine the floor of the Bismarck Sea in 2011. While the PNG government prepares for the summit, the country is undergoing an abundance of health crises including polio, violations of human rights against the people of Paga Hill, and extravagant spending for 40 Maserati luxury sedans.
Opinion: This article is extremely frightening. I don’t feel that deep sea mining is justified by a government or private company and it has now become an economic disaster. This article explains harvesting natural resources and the negative effects it can have on something other than the environment. This is significant for the citizens who don’t actually care about environmental damage, but do care about bad investments and the economy. Advocating for their long term economical damage and poor turnout may spur a larger number of people to care about these issues.
I enjoyed reading your opinion and the article you chose. While reading the article, i just wonder if the people involved in this business knew what they were getting themselves into and if they really thought this out. Was there money that went into this project? How much was it? I agree so much to what you saying about environmental damages. I don’t think people care anymore about the environment. They are so blind and taking the environment for granted. It’s truly ridiculous.
The unpaid installment was actually worth $18 million.