Key points
- TOML formally signed the contract during workshops in Kingston, Jamaica, for the licence granted by the ISA in July 2011.
- The tenement covers approximately 75,000 square kilometres in the Clarion Clipperton zone, midway between Hawaii and Mexico, for an initial 15-year term.
- The zone holds polymetallic nodules rich in copper, nickel, manganese and cobalt found at depths of 4,500 to 6,000 metres.
- Nautilus CEO Steve Rogers said the signing is a milestone as the company’s Solwara 1 project in the Bismarck Sea moves toward production.
Nautilus Minerals Inc.’s Tongan wholly owned subsidiary, Tonga Offshore Mining Ltd. (TOML), has formally signed the agreement with the International Seabed Authority (ISA) for exploration tenements in the Eastern Pacific granted in July, 2011.
The contract, signed during workshops in Kingston, Jamaica, gives TOML exclusive rights to conduct exploration activities in the Clarion Clipperton zone, midway between Hawaii and Mexico, which holds major deposits of polymetallic nodules. These nodules are rich in copper, nickel, manganese and cobalt, and are found at depths between 4,500 and 6,000 metres.
The formal grant of the exploration licence confirms TOML as one of the first private sector companies to be granted exploration territory in international waters.
Nautilus chief executive officer Steve Rogers said the signing represented a milestone for deep sea exploration.
“This historic decision by the ISA demonstrates that we are entering a new stage in the development of the sea floor resources industry.
“With our first project, Solwara 1 in the Bismarck Sea, moving steadily towards production we will continue to work closely with the ISA and scientific community to develop this emerging industry as an important source of mineral resources for the future.”
TOML has been granted approximately 75,000 square kilometres of prime exploration territory. The licence is for an initial period of 15 years.
