11:36 GMT25 September 2020
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    India will sign an agreement with the UN’s International Seabed Authority later this year and get exclusive rights to mine for precious metals hidden in magma on the Indian Ocean’s seabed.

    India's Union Cabinet on Wednesday approved a proposal by the Earth Sciences Ministry to sign the 15-year contract with the ISA, which will give the country an opportunity to mine polymetallic sulphides in over 10,000 km2 of the Indian Ocean's ridges. By signing the contract, India will enhance its presence in the region where other players like China, Korea and Germany are active.

    Deep seabed polymetallic sulphides contain silver, gold, platinum, iron, copper and zinc in variable constitutions in the deep interior of the oceanic crust. These compounds on the site retained by India, estimated to be 380 million tons, have attracted worldwide attention for their long-term commercial and strategic values, an official ministry statement said.

    The program will be implemented by the Ministry of Earth Sciences with the participation of national institutes and research organizations.

    Tags:
    mining, platinum, silver, gold, India
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