You can read all the latest news and updates on the Cook Islands seabed minerals sector here.
PRIME Minister Mark Brown said: “This will help provide Government with the vital data and information it needs about our deep sea marine environment and the potential impacts of mining to make an informed decision about whether to proceed any further.
Read MoreInterest in deep sea mining has been accelerating due to the rising price of cobalt. The metal is an important component of EV batteries, laptops and cell phones. In October 2017, cobalt prices reached a nine-year high, trading at around US$30 per pound, tripling its 2015 value of US$10. The rise is not only seen […]
Read MoreThe government of the Cook Islands, through the Cook Islands Investment Corporation (CIIC), entered into an agreement in September with U.S. based Ocean Minerals, LLC (OML) for the exclusive right for up to 18 months to prospect and explore high value polymetallic nodules over approximately 23,000 square kilometers of the Cook Islands Exclusive Economic Zone […]
Read More“In a deal worth $100,000, OML has reserved around 23,000 square kilometres, or 1.2% of the Cook Islands Exclusive Economic Zone (EEZ) containing high value polymetallic (manganese) nodules for up to 18 months.
This gives the company the exclusive right to apply to undertake prospecting and exploration activities in that area. The first agreement between the government and the OML was signed a year ago in which they reserved a different seabed area of around 12,000 square kilometres to explore primarily for seafloor sediment enriched in Rare Earth Elements (REEs), as well as four additional areas reserved for OML on a first option basis.
Under this latest agreement, Finance minister Mark Brown confirmed the OML will not undertake any activity in this particular area, adding it was merely to reserve the spot for potential exploration in the future.
“It is basically to give them the first right over this (area) ahead of any other company that may want to come in and apply for an exploration licence in this particular area,” Brown said.”
Read MoreRarotonga, Cook Islands, September 29, 2017 – Ocean Minerals, LLC (OML) and the government of the Cook Islands, through the Cook Islands Investment Corporation (CIIC), have entered into an Agreement that will reserve approximately 23,000 square kilometres within the Cook Islands Exclusive Economic Zone (EEZ) containing high value polymetallic nodules for up to 18 months to […]
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