South Korea to mine Indian Ocean

2012-07-30 11:39
South Korea has won the right to mine in the India Ocean. (AP)

South Korea has won the right to mine in the India Ocean. (AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Seoul - South Korea said on Monday it has won the exclusive right to exploit a deep-sea mine in the Indian Ocean that could produce more than $300m worth of minerals a year.

The 10 000km² site contains hydrothermal vents that could yield metals including gold, silver, copper, zinc and lead, the maritime ministry said in a statement.

The general assembly of the International Seabed Authority last Friday voted to give Seoul the exclusive right to develop the area - around 2 500km southwest of Sri Lanka - from 2013 to 2027, it said.

The ministry estimated production would reach about 46 000 tons, worth $320m, a year.

"This is the result of aggressive efforts by the government and related agencies on investment, research and international diplomacy... amid fierce global competition to secure resources," it said.

Hydrothermal vents are areas on the ocean floor where water heated by volcanic activity under the seabed gushes out.

Seoul officials and scientists explored the area from 2009 to 2011.

The resource-scarce South has strengthened efforts in recent years to secure raw materials overseas. Including the new mine, it has the right to develop four deep-sea mines totalling 112 000km².
Read more on:    environment
NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
Horoscopes
Aquarius
Aquarius

Excess, desire and indulging in extravagant and enjoyable things are highlighted today. Practice self control and be consciously...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.