Nautilus Minerals’ Tongan wholly owned subsidiary, Tonga Offshore Mining Ltd (“TOML”) formally signed the agreement with the International Seabed Authority (“ISA”) for exploration tenements in the Eastern Pacific granted in July 2011.
The contract, signed during workshops in Kingston, Jamaica, gives TOML exclusive rights to conduct exploration activities in the Clarion Clipperton Zone, midway between Hawaii and Mexico, which holds major deposits of polymetallic nodules. These nodules are rich in copper, nickel, manganese and cobalt and are found at depths between 4500 and 6000 metres.
The formal grant of the exploration licence confirms TOML as one of the first private sector companies to be granted exploration territory in international waters.
Nautilus CEO Steve Rogers said the signing represented a milestone for deep sea exploration.
“This historic decision by the ISA demonstrates that we are entering a new stage in the development of the seafloor resources industry.
“With our first project, Solwara 1 in the Bismarck Sea, moving steadily towards production we will continue to work closely with the ISA and scientific community to develop this emerging industry as an important source of mineral resources for the future.”
TOML has been granted approximately 75,000 km2 of prime exploration territory. The licence is for an initial period of 15 years.
[mappress] Subsea World News Staff , January 12, 2012; Image: Nautilus Minerals