Union Government Singed Agreement with International Seabed Authority for handling exploration and other activities related to Poly metallic Sulphides.
Term of Contract: 15 years
Features of the Agreement:
- The Agreement was developed by the Ministry of Earth Sciences with the
International Seabed Authority - It is planned to install in parts of Central and South – West Indian Ridges allocated area about 10,000 Sq km which is located in the Indian Ocean
- Union Government has privileged to traverse of Polymetallic Sulphides in the area of Central Indian Ridge and South West Indian Ridge in Indian Ocean
- The Agreement will improve India’s presence in the Indian Ocean where other countries like China, Korea and Germany are energetic
About Poly metallic Sulphides:
- It contains of Iron, Copper, Zinc, Silver, Gold and Platinum in variable constituents
- These are formed by the precipitates of hot fluids from upwelling hot magma from deep interior of the oceanic crust
- The discharge process is completed through mineralised chimneys
About International Seabed Authority (ISA):
- Intergovernmental body
- It organizes, regulates and controls all mineral (non-living resources) related activities in the international seabed area beyond the limits of national jurisdiction
- It functions under the support of the United Nations Convention on Law of the Sea
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