Cook Island News | 19 November 2018 Before matters proceed to the point of no return, we the Iti Tangata need to ask whether mining will lead to riches or to our ruin. Should we allow our Government to jeopardise the main industry of our country that is the backbone of our national economy? Does […]

CI NEWSDede Mingi19 November 2018SBMA, Seabed Minerals Authority, Deep sea research, deep sea activities, CI EEZ, Exclusive Economic Zone, Marae Moana Act

Cook Islands signs seabed minerals deal

“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.”

CI NEWSDede Mingi3 October 2017Cook Islands Seabed Minerals Authority, Cook Islands, Rarotonga, Ocean Minerals Limited, CI EEZ, Cook Islands Exclusive Economic Zone, Polymetallic Nodules, Manganese, nodules, Cobalt, Rare Earth Minerals, Mark Brown, Cook Islands Investment Corporation (CIIC), Seabed Minerals Act, Marae Moana Act, OML

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