UN deep sea mining body rejects Greenpeace criticism

Oakajee could have enable the region's iron ore miners to be one of the major suppliers of the steel-making material to Asia.

Company is confident the government will return two of the licences revoked last year.

Melbourne-based company sets profit and production records from mines in New Zealand and the Philippines. Stock is already up 67% in 2014.

Davis’ X2 Resources has already built a war chest of almost $4 billion and is believed to be asking JPMorgan for US$8bn loan to back up a formal offer to BHP.

Copper concentrate was up 40% and gold was up 18% from 2012.

Under the agreement, the Papua New Guinea government paid Nautilus $7 million, which entitles it to a 15% stake in the project, with an option to increase it by another 15% in the next 12 months.

The new gold giant would have a market value of $33 billion, operations on five continents, and a gold output of well over 12 million ounces a year.

Erdene Resource owns the Altan Nar gold-polymetallic project, located in southwest Mongolia, 200 kilometres from the border with China.

The Oakajee port and rail project has the potential to become one of the major suppliers of Australian iron ore to Asia.