You can read all the latest news and updates on the Cook Islands seabed minerals sector here.
Parliament unanimously approved the Seabed Minerals Amendment Bill 2024 yesterday.
The purpose of the amendments were to improve the overall seabed minerals regime. This included making the intent of some sections clearer, as well as changes to enable the Seabed Minerals Authority (SBMA) to fulfil its functions more effectively.
Read More“The Cook Islands’ Seabed Minerals Authority Commissioner Paul Lynch said the country’s Seabed Minerals Act ensured a careful, steady approach to any potential exploration or mining.
He said the act was the world’s first, dedicated national legislation to control seabed minerals activities.
Mr Lynch said criticism, based on objections to seabed mineral prospecting in other countries, is superficial and close-minded.”
Read More“In a deal worth $100,000, OML has reserved around 23,000 square kilometres, or 1.2% of the Cook Islands Exclusive Economic Zone (EEZ) containing high value polymetallic (manganese) nodules for up to 18 months.
This gives the company the exclusive right to apply to undertake prospecting and exploration activities in that area. The first agreement between the government and the OML was signed a year ago in which they reserved a different seabed area of around 12,000 square kilometres to explore primarily for seafloor sediment enriched in Rare Earth Elements (REEs), as well as four additional areas reserved for OML on a first option basis.
Under this latest agreement, Finance minister Mark Brown confirmed the OML will not undertake any activity in this particular area, adding it was merely to reserve the spot for potential exploration in the future.
“It is basically to give them the first right over this (area) ahead of any other company that may want to come in and apply for an exploration licence in this particular area,” Brown said.”
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