NEW DELHI (Sputnik) — India has signed a 15-year contract with the International Seabed Authority (ISA) for exploration of Poly-Metallic Sulphides in the Indian Ocean. Poly-Metallic Sulphides (PMS) are precipitates of hot fluids from upwelling hot magma from the deep interior of the oceanic crust. They contain iron, copper, zinc, silver, gold, and platinum in variable constitutions. These minerals are vital for future generations of manufacturing including production of hybrid cars, and smartphones. Currently, China has monopoly over such minerals.
The ISA earlier approved an application submitted by the India's Ministry of Earth Sciences for a 10,000 sq. km. area along with a 15-year plan for exploration.
"By signing the 15-year contract, India's exclusive rights for exploration of PMS in the allotted area in the Indian Ocean will be formalized. Further, it will enhance India's presence in the Indian Ocean where other players like China, Korea and Germany are active," reads a statement of India's Ministry of Earth Sciences.
It is expected that basic exploration activities will require not more than USD 100 million.
