Prospective ocean floor miner, Nautilus, says it is making significant ground with its plans to develop the world's first ever deep sea mine in Papua New Guinea.
The company is planning to mine the ocean floor in PNG's Bismarck Sea.
The Post Courier reported that among the gains is the completion of the company's sea floor production tools, which are currently being trailed at Motukea Island outside Port Moresby.
In addition to this Nautilus has told shareholders construction of the production support vessel it will use is nearly complete.
The vessel is to be chartered by Nautilus from Dubai-based Marine Assets Corporation for a minimum five year period at $US199,910 per day.
The company said it had also delivered the launch and recovery, or LARS, equipment, to the Mawei shipyard in China.
It said this equipment, consisting of very large A-frames, lift winches, hydraulic power units, electric power units and deck control cabins will be used to launch and stabilise the mining machinery.