Article - India’s $110 Billion Bet on Deep Sea Mining
Jai Siya Ram http://www.fxlive.in/ "Article - India’s $110 Billion Bet on Deep Sea Mining" What is it / What’s being planned Samudrayaan / Deep Ocean Mission India’s project to explore and exploit deep-sea mineral resources is part of its Deep Ocean Mission. The mission includes Samudrayaan, which is a manned deep-sea submersible to go down to ~6,000 metres. The National Institute of Ocean Technology (NIOT), under the Ministry of Earth Sciences, is the main implementing agency. Resources & Location India has been allocated a 75,000 sq. km area in the Central Indian Ocean Basin (CIOB) by the International Seabed Authority (ISA) for exploration. Within this area, preliminary estimates suggest ~380 million metric tonnes of polymetallic nodules (which contain copper, nickel, cobalt, manganese etc.). These resources are valued at roughly US$110 billion based on current mining, materials, and metals market estimates. Why this is seen as strategic/important India is ...