Treasures of the ocean: India to sign contract for exclusive deep sea mining
A contract between the International Seabed Authority (ISA) and the Union Cabinet of India that will allow the country to have exclusive rights to mine the seabed of the Indian Ocean has been approved by the Government.
The 15- year contract will give India exclusive rights for exploration of polymetallic sulphides in the allotted area in the Central Indian Ridge, and South West Indian Ridge of the Indian Ocean.
"By signing the 15-year contract, India's exclusive rights for exploration of polymetallic sulphides in the allotted area in the Central Indian Ridge, and South West Indian Ridge in Indian Ocean will be formalised," an official statement said.
"It will enhance India's presence in the Indian Ocean where other players like China, Korea and Germany are active. The program will be implemented by the Ministry of Earth Sciences with the participation from various national institutes and research laboratories and organisations," it added.
The announcement comes after Prime Minister Narendra Modi gave his approval at a cabinet meeting this week.
Follow @MiningGlobal
Read the June 2016 issue of Mining Global magazine
Featured Articles
Rio Tinto completed its US$6.7bn acquisition of Arcadium Lithium, making it a key company in raw materials mining for batteries in the energy transition
Intel first began to work towards responsibly sourced conflict minerals from the Democratic Republic of Congo and adjoining countries about 12 years
International Energy Forum says mining is the 'paradox' at heart of quest for clean energy but recognises the industry is addressing sustainability issues