Under the 1982 UN Convention on the Law of the Sea, the International Seabed Authority (ISA) is responsible for organizing and controlling all resources-related explorations and exploition activities in the international seabed area.
Mining and Exploration of the Deep Seabed
The deep seabed offers exploitable mineral concretions in the form of nodules and crusts. Polymetallic nodules are rock concretions formed of concentric layers of iron and manganese hydroxides around a core. Cobalt-rich ferromanganese crusts occur throughout the global ocean on seamounts, ridges, and plateaus where currents have kept the rocks swept clean of sediments for millions of years. ISA adopts regulations governing prospecting and exploration of seabed mineral resources and it issues contracts (licences) for these activities.
Huge rare earth minerals, crucial in making high-tech electronics products, have been found on the floor of the Pacific Ocean and can be readily extracted, Japanese scientists said.
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