The International Seabed Authority and the Government of the Republic of Korea have signed a 15-year contract for exploration for polymetallic sulphides.
The contract was signed in Kingston on 24 June 2014 by the Secretary-General of the Authority, Nii Allotey Odunton and in Seoul on 15 June 2014 by the Honourable Minister of Oceans and Fisheries of the Republic of Korea, Lee Ju-Young.
Under the contract, the Contractor will have exclusive rights for exploration for polymetallic sulphides over 10,000 square kilometres of the seabed located in the Central Indian Ocean.
The application for a seabed exploration contract was approved by the Council of the Authority on 26 July 2012.
Press Release, June 27, 2014; Image: ISA