Keppel subsidiary OMS gets go-ahead to explore seabed for minerals
- POSTED: 22 Jul 2014 09:52
- UPDATED: 22 Jul 2014 10:33
The International Seabed Authority has given the greenlight for Ocean Mineral Singapore to search for polymetallic nodules, says Keppel in a stock exchange filing.
SINGAPORE: Ocean Mineral Singapore (OMS), a local firm majority owned by Keppel Corp, has obtained international approval to explore the ocean seabed for minerals.
The approval from the International Seabed Authority (ISA) - an entity established under the United Nations Convention on the Law of the Sea - will allow OMS to search for polymetallic nodules at a site within the Clarion-Clipperton Fracture Zone of the Pacific, said Keppel in a stock exchange filing on Tuesday (July 22).
Over the next few months, OMS will work with ISA to finalise the terms of contract for the award of the licence. Polymetallic nodules contain copper, nickel, cobalt and manganese, as well as rare earth minerals.
OMS Director Ong Ye Kung described the venture as a long-term project that leverages on Keppel's experience in the offshore and marine sector.
OMS's other shareholders include UK Seabed Resources Ltd, a wholly-owned subsidiary of London-based Lockheed Martin UK Holdings, and Singapore-based private investment company Lion City Capital Partners.