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KINGSTON JAMAICA, 10 January 2011 - - The Ministry of Natural Resources and the Environment of the Russian Federation submitted an application to the International Seabed Authority for approval of a plan of work for exploration for polymetallic sulphides in the Area.
The general location of the application area is on the Mid-Atlantic Ridge.
In accordance with regulation 19 of the Regulations, the Ministry of Natural Resources and the Environment of the Russian Federation has elected to offer an equity interest in a joint venture arrangement. The Ministry has also elected to pay the fixed fee of US$500,000 for its application, pursuant to regulation 21, paragraph 1(a), of the Regulations.
In accordance with the Regulations, the members of the Legal and Technical Commission (LTC) will be notified and consideration of the application will be placed on the agenda of the Commission at its next meeting.
The LTC is a body of experts entrusted with various functions relating to activities in the deep seabed area including the review of applications for plans of work, supervision of exploration or mining activities, assessment of the environmental impact of such activities and provide advice to the International Seabed Authority’s Assembly and Council on all matters relating to exploration and exploitation of non-living marine resources (such as polymetallic [manganese] nodules, polymetallic sulphides and cobalt crusts).