CIIC Formalises new Seabed Minerals partnership with Wetstone

News

The Cook Islands Investment Corporation (CIIC) has formally entered into a new partnership with Wetstone, marking a significant milestone in the Government’s long-term strategy to protect and advance the Cook Islands’ interests in seabed minerals.

The agreement was formally signed this week, following a comprehensive Strategic Review of CIIC’s seabed minerals interests and almost three years of rigorous work. It forms part of a broader restructure that separates its seabed minerals interests into two distinct ventures: one focused on exploration within the Cook Islands Exclusive Economic Zone (EEZ), and the other focused on activities in the international seabed area of the Clarion-Clipperton Zone (CCZ).

The organisational restructure has now been approved by the relevant shareholders and corporate authorities. However, the transfer and continuation of the associated exploration interests remain subject to the necessary regulatory approvals in both the Cook Islands and international jurisdictions.

Under the new structure, Wetstone will become CIIC’s funding and operating partner for exploration activities within the Cook Islands EEZ through Cobalt Seabed Resources Limited (CSR). CIIC will retain a 51 per cent majority interest in CSR, with Wetstone holding 49 per cent.

Separately, CIIC’s interests in the Clarion-Clipperton Zone, sponsored through the International Seabed Authority (ISA) framework, will continue in partnership with Global Sea Mineral Resources (GSR) through the newly established Te Moana Seabed Resources Limited, owned equally by CIIC and GSR.

Wetstone’s 49 per cent interest in CSR reflects its acquisition of the EEZ interest previously held by GSR, whose long-standing partnership with CIIC continues, through Te Moana, on the Cook Islands’ international seabed interests.

Both ventures continue to operate at the exploration stage under the licensing and regulatory oversight of the Cook Islands Seabed Minerals Authority, keeping the Cook Islands people at the centre of decision-making — with any future progression to later stages of activity requiring separate approvals, further environmental assessment and continued regulatory scrutiny.

Since 2016, CIIC’s interests in both the Cook Islands EEZ and the CCZ have been held through a common joint venture structure with GSR. As the projects matured, however, they developed increasingly different exploration programmes, regulatory requirements, funding needs and commercial objectives. Separating the interests, will allow the two opportunities to progress independently, subject to the necessary regulatory approvals, with clearer governance, funding responsibilities, accountability and risk management.

CIIC Chair Fletcher Melvin said the signing represented the culmination of a significant body of work which began when CIIC initiated its Strategic Review in late 2023, and reflected a deliberately cautious, evidence-led approach to a still-emerging industry.

“This agreement is about ensuring the Cook Islands has the right structures, the right partners and the right governance in place to protect and advance our interests over the long term,” Mr Melvin said.

“Wetstone brings significant expertise, capability and investment to our EEZ exploration programme, while importantly, CIIC retains majority ownership on behalf of the Cook Islands people.

“At the same time, we have protected our interests in the international seabed area through a dedicated arrangement with GSR.

“This gives each opportunity the ability to progress on its own merits, with clearer governance, funding and accountability.”

Initial discussions between CIIC and Wetstone began in 2024 and were followed by extensive due diligence, commercial negotiations, governance discussions and legal work, including rigorous assessment of Wetstone’s financial standing, technical capability and corporate governance. Cabinet noted CIIC’s Strategic Review and supported engagement with Wetstone in October 2025.

Mr Melvin said CIIC had undertaken a careful assessment not only of Wetstone’s financial and technical capability, but also of the people and values behind the company.

“We are partnering with a highly experienced team with expertise spanning international governance, resource development, science, engineering, technology and finance.

“Just as importantly, throughout our engagement we have seen a commitment to long-term thinking, professional conduct, transparency, sustainable development and responsible stewardship. Those values matter to CIIC and to the Cook Islands.”

Wetstone Chief Executive Officer Graham Talbot said the company was proud to enter into the partnership with CIIC.

“The Cook Islands is at the forefront of an emerging offshore minerals sector. The quality of your resources, the commitment of your leadership, and the thoughtfulness of your regulation present not only a great opportunity, but a responsibility that we take very seriously.

“We’ve built our company to merge the best of new technologies with decades of learning around responsible resource development and ocean stewardship. We’re excited to work with, and for, the people of the Cook Islands and build a long-term partnership based on trust and collaboration.”

Prime Minister-elect Hon Mark Brown, who attended the signing ceremony, described the agreement as an important milestone for the Cook Islands.

He said the partnership demonstrated confidence in the Cook Islands, its institutions, regulatory frameworks and its ability to work constructively with international partners while ensuring decisions remained aligned with the country’s national interests.

The Prime Minister said the restructure created a pathway for continued exploration within the Cook Islands EEZ while preserving majority Cook Islands ownership and influence.

“Our ambition is not simply economic growth. Our ambition is sustainable national development,” the Prime Minister said.

“We want opportunities that create long-term value. We want strong governance. We want continued scientific understanding. We want capability development for our people. And we want decisions that future generations of Cook Islanders will be proud of.”

Mr Melvin said formalising the partnership was an important milestone, but also the beginning of the next phase of work.

“There is still important work ahead. Governance structures must be implemented, business plans delivered, exploration programmes progressed and relationships strengthened.

“But this marks the beginning of a new chapter – one built on partnership, confidence and a shared belief in the future potential of the Cook Islands.”