On 26 March 2013, the International Seabed Authority received an application for approval of a plan of work for exploration for polymetallic sulphides submitted by the Government of India.
The application area is in the Central Indian Ocean and that the applicant has elected to offer an equity interest in a joint venture arrangement with the Enterprise in lieu of a reserved area. The applicant has also elected to pay a fixed fee of US$ 500,000.
In accordance with the Regulations on Prospecting and Exploration for Polymetallic Sulphides in the Area, the members of the Legal and Technical Commission will be notified of the above application and consideration of this application will be placed on the agenda of the Commission at its next meeting, which is scheduled to commence on 8 July 2013.
[mappress] Press Release, April 17, 2013