South Korea has won the exclusive right to exploit a deep-sea mine in the Indian Ocean that could produce more than $300 million worth of minerals a year, the India Times reports.

The International Seabed Authority gave the exclusive right to Seoul to develop the 10,000-square kilometer site which contains hydrothermal vents that could yield metals including gold, silver, copper, zinc and lead, and it’s situated 2,500 kilometers southwest of Sri Lanka.

The ministry projected production would reach about 46,000 tonnes, worth $320 million, a year.

Seoul authorities and researchers explored the area from 2009 to 2011.

The resource-scarce South has increased initiatives in recent years to secure raw materials overseas. Including the new mine, it has the right to create four deep-sea mines totaling 112,000 square kilometers.

Subsea World News Staff , July 30, 2012