Seabed exploration expeditions 'as early as next year': Herman
Three companies get closer to receiving their exploration licenses for seabed minerals and could begin exploration expeditions as early as 2022. Caleb Fotheringham reports.
THE Seabed Minerals Authority (Authority) has completed its assessment of the four companies that applied for exploration licenses.
Earlier this week, the Authority announced that three applicants have met the relevant criteria in the Seabed Minerals Act 2019. They are CIC Limited (CIC), CIIC Seabed Resources (CIICSR) and Moana Minerals Limited (Moana Minerals).
The purpose of the assessment was to ensure applicants were suitable companies to undertake exploration activities in Cook Islands waters.
Seabed Minerals Commissioner Alex Herman said the companies had to be rigorously assessed.
Herman said the fourth company that applied for the exploration license did not meet the relevant qualification and would not progress to the next stage. The criteria the companies had to meet was in the Seabed Minerals Act 2019.
The next steps in the exploration licensing process is public notification, followed by the Licensing Panel’s evaluation, and finally recommendations to the Minister and Cabinet on whether to grant or decline exploration licences.
“We expect that this licensing process will be completed, including decisions on whether to grant or decline licenses, by early early next year,” Herman said. “Potentially, exploration expeditions could begin in 2022. This will depend on the completion of this licensing process and when the contractor plans to begin exploration.”
The three companies that have progressed to the next stage: CIC Limited have headquaters in Rarotonga with consortium members in Florida and the Netherlands, CIIC Seabed Resources Limited is based in Belgium and Rarotonga while Moana Minerals Limited is based in Texas.
All companies have applied for a license term of five years and have each budgeted between $55.4 million to $77.7 million to carry out the exploration in the Cook Islands.
Herman said the public notification was a very important part of the process as the “Cook Islands people are our important stakeholders”.
“Public comments received by the Authority will be provided to applicants. Applicants will be encouraged to consider amending their applications in light of the comments, as well as to provide written responses to specific issues if needed,” she said.
“The Authority will also carefully review the public comments and update its report for the Licensing Panel’s evaluation.”
The Cook Islands government’s policy for the exploration licensing process is it will consider granting up to three licenses. However, Herman said this does not mean three have to be granted.
A statement from the Authority said the assessment involved investigating the applicants: compliance history, financial resourcing, corporate governance, technical expertise and capability, risk management, and whether they are fit and proper persons to hold an exploration license.
Licensing and Compliance director Derek Johnson said: “This has been a very comprehensive process over several months, involving in excess of 130 queries. “The volume of information assessed was immense, easily thousands of pages per applicant.”
Herman said it was “fair to say, this has been one of the most rigorous and in-depth assessments undertaken by a government agency in the Cook Islands”.
Written by: Caleb Fotheringham | Cook Islands News