South Korea to Exploit Deep-Sea Mine in Indian Ocean

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

Share this article

Follow Subsea World News

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >