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JAMAICA, Kingston (February 2, 2015) - The International Seabed Authority and Ocean Mineral Singapore Pte Ltd. have signed a 15-year contract for exploration for polymetallic nodules.
The contract was signed in Kingston, Jamaica on 15 January 2015 by the Secretary-General of the Authority, Nii Allotey Odunton and on 22 January 2015 in Singapore by the Director of Ocean Mineral Singapore Pte Ltd., Ye Kung Ong (pictured).
Under the contract, the Contractor will have exclusive rights for exploration for polymetallic nodules in an area of 58,280 square kilometres in the eastern part in the Clarion-Clipperton Zone in the Pacific Ocean.
The application for a seabed exploration contract was approved by the Council of the Authority on 21 July 2014.