Singapore firm gets go-ahead to explore seabed for minerals

A Singapore firm said on Tuesday that it has been given the go-ahead by the International Seabed Authority to explore the ocean seabed for minerals.

The approval will allow Ocean Mineral Singapore to search for polymetallic nodules at a site within the Clarion-Clipperton Fracture Zone of the Pacific, its majority owner Keppel Corporation said in an announcement.

Over the next few months, the company will work with the International Seabed Authority to finalize the terms of contract for the award of the license.

Polymetallic nodules contain copper, nickel, cobalt and manganese, as well as rare earth minerals.

Ong Ye Kung, director of the firm, said that the venture is a long-term project leveraging on Keppel's experience in the offshore and marine sector.

The other shareholders of Ocean Mineral Singapore include the U. K. Seabed Resources Ltd, a wholly-owned subsidiary of London-based Lockheed Martin U.K. Holdings, and Singapore-based private investment company Lion City Capital Partners.