Digging Gold Off the Seafloor

[seascan]

If anyone is interested in cool subsea technology, I came accross a company that is mining extinct hydrothermal vents. These old vent systems are very rich in metals (gold, copper and zinc especially). They are going to be working in the south pacific in fairly deepwater (over 1000 feet). Their systems will grind up the ore and pump it to the surface where it will be collected and barged to shore. Anyway, it seems to be pretty cool technology and quite environmentally friendly. Site: http://www.nautilusminerals.com/s/Home.asp

Sure would be nice to use that pump on some deepwater wrecks.

 

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[jeff k]

Odyssey also announced that they are getting into SMS Mining, and have leased a 310' ship for the project.

http://shipwreck.net/pr193.php

 

[dagfoto]

Well .. I'm still waiting for a "stock surge" .. HA !! or even alittle Bump ??



Coins secure credit for Odyssey Marine

Odyssey Marine Exploration Inc. renewed it $5 million revolving credit facility with Fifth Third Bank.

The line of credit initially is secured by about 29,000 numismatic coins recovered by the company from the SS Republic shipwreck, a filing with the Securities and Exchange Commission said. The number of coins held as collateral will be reduced over the term by the amount of coins sold by Odyssey Marine, the filing said.

Odyssey Marine (NASDAQ: OMEX), a Tampa company that explores and recovers deep-ocean shipwrecks worldwide, said it would use the credit line to fund ongoing operations.

Odyssey Marine initially received a two-year, $5 million credit facility from Fifth Third Bank (NASDAQ: FITB) in February 2008. A 90-day extension was granted until May 7, 2010, the SEC filing said.

The renewed credit facility has a floating interest rate equal to the prime rate plus 1.5 percent, requires monthly payments of interest only and is due in full April 23, 2011, the filing said. The company is required to pay the bank an unused line fee equal to one-half percent per year on the unused portion of the credit line.

The coins used as collateral will be held by a custodian for the security of the bank, and the borrowing base will be equal to 40 percent of the eligible coin inventory valued on a rolling 12-month wholesale average value, the filing said



Read more: Coins secure credit for Odyssey Marine - Tampa Bay Business Journal:

http://tampabay.bizjournals.com/tampabay/stories/2010/04/26/daily5.html?ana=yfcpc

 

[seascan]

Not sure about Odyssey's stock price nor them using a 300+ foot ship (not sure what they would do with it) for mining SMS. It doesn't seem like they are too far along in there plans so I wouldn't hold your breathe on a stock price bump from SMS mining!

Nautilus Minerals is not a "treasure hunting" company like Odyssey, it is solely there to mine the seafloor. Too bad because thier technology is pretty impressive and would make short order of a deepwater wreck. From what I've gathered in their on-line info, they have established that it is safe to bring up ore from the seafloor. Apparently the government in PNG agrees because they have certified their Environmental Plan. Once they get the mining lease from PNG then they will be able to mine.

Their equipment is HUGE... apparently they will have two giant mining vehicle (made by SMD in england) and the subsea pump will be supplied by GE. All the slurry will travel up a riser supplied by Technip. The ore will be dewatered on the surface and barged to a terminal a few miles away. Friggin Amazing in my opinion! The cool thing is (beside the shear power) that all the equipment and technology is coming from the oil patch so it is fairly well proven. It is just in time because alot of subsea contractors and engineers who have been working deep water oil and gas may be looking for different revenue streams soon... at least in the Gulf of Mexico.

 

[SFLOcenEng]

If anyone is interested in cool subsea technology, I came accross a company that is mining extinct hydrothermal vents. These old vent systems are very rich in metals (gold, copper and zinc especially). They are going to be working in the south pacific in fairly deepwater (over 1000 feet). Their systems will grind up the ore and pump it to the surface where it will be collected and barged to shore. Anyway, it seems to be pretty cool technology and quite environmentally friendly. Site: http://www.nautilusminerals.com/s/Home.asp

Sure would be nice to use that pump on some deepwater wrecks.

I was looking at some of the pictures on that site and the company I used to work for in Jupiter Florida built some of those ROV's and ROV Drills. I was lucky enough to get to work on the design of some of them and have some "test" core samples we drilled in the parking lot and some interesting rocks that came from close to 4000 meters down. Anyway I hope they find what they are looking for without doing to much damage to the seafloor. As for me I have moved on to Mine Countermeasures for the new Littoral Combat Ship an impressive war machine.

 

[Salvor6]

Can you imagine finding a totally intact galleon 4,000 meters deep? It is a treasure hunters dream and only the private salvors have the resources to recover a wreck like this.

 

[mad4wrecks]

I believe this is the company that SFLOcenEng was referring to:

http://www.wptv.com/content/news/no...il-rig-technology/sfLOprQ_tEeoVq-i0t1znQ.cspx

 

[seascan]

Can you imagine finding a totally intact galleon 4,000 meters deep? It is a treasure hunters dream and only the private salvors have the resources to recover a wreck like this.

That is what these guys do: http://www.seabedgroup.no/index.php?option=com_content&view=article&id=3&Itemid=3 From last I heard, they will return to salvaging a deepwater WWII freighter with $500MM (!!) of copper on board after they finish working the Air France site.

Again, amazing technology and not for those faint of pocketbook. SeaBed has Perry-Slingsby vehicles (the company mentioned above). Check out that little excavator they have... not only is it cute, apparently it really gets the job done.

 

[FISHEYE]

Thats a nice looking ROV control room,sorta looks like my computer room here at my house.