India Signs Deepsea Mining Exploration Deal with International Seabed Authority
India has signed a 15-year contract with the International Seabed Authority for exclusive rights to explore polymetallic sulphides in the Indian Ocean, the government said on Saturday.
Polymetallic sulphides, which form around hydrothermal vents on the seafloor, contain high concentrations of metals such as copper, zinc, gold and silver - essential for clean energy technologies, electronics, and other high-tech applications.
India is the first country to hold two ISA contracts for polymetallic sulphides. An earlier agreement with the United Nations body, which regulates mineral exploration and exploitation in international seabed areas, covered the Central and Southwest Indian Ridges.
The country now holds the largest exploration area allotted by the ISA for these deep-sea mineral deposits, a government statement said.
It is also seeking exploration licences in the Pacific Ocean, Reuters reported previously.
India’s Minister of Science and Technology Jitendra Singh said the agreements would help enhance the country’s maritime and mineral exploration capabilities.
(Reuters - Writing by Sarita Chaganti Singh; Editing by Kirsten Donovan)