Cabinet approves contract for exploring metals in Indian Ocean

New Delhi, June 15:  India on Wednesday approved signing of a 15 year contract between its Earth Sciences Ministry and the Intertiol Seabed Authority (ISA) for undertaking exploration and other developmental activities related to polymetallic sulphides in the Indian Ocean. The nod was given at a cabinet meeting chaired by Prime Minister rendra Modi. Polymetallic replacements, which are generally found in form of sulphides, refers to deposits of metallic minerals formed when molten lava intrudes into beds of sedimentary rocks. These are are significant sources of copper, gold, silver, lead, manganese, and zinc. The exploration will be done in the allotted area of 10,000 sq km in parts of Central and South - West Indian Ridges (SWIR), in the Indian Ocean. “By signing the 15 year contract, India’s exclusive rights for exploration of polymetallic sulphides in the allotted area in the Central Indian Ridge, and South West Indian Ridge in Indian Ocean will be formalised,” an official statement said. (IANS)