The International Seabed Authority and Ocean Mineral Singapore Pte Ltd. have signed a 15-year contract for exploration for polymetallic nodules.
The contract was signed in Kingston, Jamaica on 15 January by the Secretary-General of the Authority, Nii Allotey Odunton and on 22 January in Singapore by the Director of Ocean Mineral Singapore Pte Ltd., Ye Kung Ong.
Under the contract, the Contractor will have exclusive rights for exploration for polymetallic nodules in an area of 58,280 square kilometres in the eastern part in the Clarion-Clipperton Zone in the Pacific Ocean.
Under the exploration licence, OMS intends to conduct environmental studies and to survey for deposits of polymetallic nodules within the approved area. Polymetallic nodules contain copper, nickel, cobalt and manganese, as well as rare earth minerals.
The application for a seabed exploration contract was approved by the Council of the Authority on 21 July 2014, ISA wrote on the website.
OMS is a Singapore-incorporated company majority owned by Keppel Corporation, with UK Seabed Resources Ltd, and Singapore-based private investment company Lion City Capital Partners Pte. Ltd., as minority shareholders.