Contract with ISA for Extraction of PMS Approved by Union Cabinet

The Union Cabinet on 12 September 2016 approved the extension of contract between Ministry of Earth Sciences and the International Seabed Authority (ISA) for exploration of Polymetallic Nodules.
The contract has been extended for a further period of 5 years (2017-2022). 
•    By extending the contract, India's exclusive rights for exploration of Polymetallic Nodules in the allotted Area in the Central Indian Ocean Basin will continue.
•    It will open up new opportunities for resources of commercial and strategic value in area beyond national jurisdiction.
•    At present, India has an area of 75000 sq.km. located about 2000 km away from her southern tip for exploration of Polymetallic nodules.
•    Polymetallic nodules are also known as manganese nodules.
•    Besides manganese and iron, they contain nickel, copper, cobalt, lead, molybdenum, cadmium, vanadium, titanium.
•    Out of the minerals found in it, nickel, cobalt and copper are considered to be of economic and strategic importance.