•  The Union Cabinet has approved the extension of contract with and International Seabed Authority (ISA) for exploration of Polymetallic Nodules (PMS).
• The contract is between Union Ministry of Earth Sciences and ISA. It has been extended for a further period of 5 years (2017-22) as the earlier contract is expiring in March 2017.

What are Polymetallic Nodules?

• Polymetallic nodules (PMN) are also known as manganese nodules. They are potato-shaped, largely porous nodules found in abundance carpeting the sea floor in the deep sea of the world oceans.
• Besides manganese and iron, they contain nickel, copper, cobalt, lead, molybdenum, cadmium, vanadium, titanium. Of these metals nickel, cobalt and copper are considered to be of economic and strategic importance.
• Deep seabedc polymetallic sulphides (PMS) containing iron, copper, zinc, silver, gold, platinum in variable constitutions are precipitates of hot fluids from upwelling hot magma from deep interior of the oceanic crust discharged through mineralized chimneys.
• PMS in the Ocean Ridges have attracted worldwide attention for their long term commercial as well as strategic value.
• Initial estimated resource of polymetallic nodules on the site retained by India on the central Indian Ocean basin is 380 million tonnes with 0.55 tonnes of cobalt, 4.7 tonnes of nickel, 4.29 tonnes of copper and 92.59 tonnes of manganese.

About ISA:

• The International Seabed Authority (ISA) is an intergovernmental body based in Kingston, Jamaica, that was established to organize, regulate and control all mineral-related activities in the international seabed area beyond the limits of national jurisdiction, an area underlying most of the world’s oceans.
• It is an organization established by the 1982 United Nations Law of the Sea Convention. It was established in 1994.
• Currently, the Authority has 167 members and the European Union, composed of all parties to the Law of the Sea Convention
• The Authority operates by contracting with private and public corporations and other entities authorizing them to explore, and eventually exploit, specified areas on the deep seabed for mineral resources essential for building most technological products
• ISA governs non-living resources of seabed lying in international waters.

Analysis:

• By extending the contract, India’s exclusive rights for exploration of PMN in the allotted Area in the Central Indian Ocean Basin will continue.
• It would open up new opportunities for resources of strategic and commercial value in area beyond national jurisdiction. Further, it would provide strategic importance for India in terms of enhanced presence in Indian Ocean where other international players are also active in mineral explorations.