The International Seabed Authority and MARAWA RESEARCH EXPLORATION LTD have signed a 15-year contract for exploration for polymetallic nodules, in the presence of Mr. Baraniko Baaro, First Secretary and Officer In Charge in the Mission of Kiribati to the United Nations.
The contract was signed in New York on 19 January 2015 by the Secretary-General of the Authority, Nii Allotey Odunton and Honourable, Tiriate Kwong, Director of MARAWA, on behalf of the Chairman of MARAWA, Honourable Tinian Reiher.
The exploration area allocated to the Contractor lies within the Authority’s reserved areas in the Clarion-Clipperton Fracture Zone of the Pacific Ocean and is divided into three regions in three Blocks.
The application for a seabed exploration contract which was sponsored by Kiribati was approved by the Council of the Authority on 26 July 2012.
