Deep Sea Mining Finance Limited (“DSMF”) is a privately owned group aiming to become the first in the world to mine Seafloor Massive Sulphide (“SMS”) deposits commercially, starting with its high grade copper-gold Solwara 1 project (“Solwara 1”) in the territorial waters of Papua New Guinea (“PNG”). DSMF is a joint venture between international holding group “USM Holdings Limited” and Sultanate of Oman group “MB Holding Company LLC”.
The Solwara 1 Project and related subsidiaries have now been acquired by DSMF in the course of 2019. DSMF now has full ownership of interests and rights to Solwara 1, key assets, intellectual property, and subsidiaries and is well-positioned to progress Solwara 1 into commercial production.
Post restructuring, DSMF has emerged as a leading developer of deep-sea mining IP via its ownership of around 12 key patents in areas of seafloor exploration, seafloor production, recovery and lifting. With over 400 SMS systems worldwide as attractive targets for possible commercial exploitation, DSMF has first mover’s advantage to access a significant deep-sea mining pipeline. DSMF has already secured the exploration rights to 19 prospective SMS systems in PNG and 25 systems in the Kingdom of Tonga. The expertise built up in these positions will allow expansion of a portfolio of prospects rapidly as business develops.
Deep Sea Mining Finance is continuing to develop technology, including in the area of subsea mineral exploration. This includes the development of low cost autonomous regional sampling equipment for seafloor massive sulfides and of a low-cost rapid scout drilling rig.
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