The opening of the world's first mine in the deep ocean comes closer to reality as Canadian mining company, Nautilus Minerals, signs an agreement with the Papua New Guinea Government to start excavating an area of seabed. The project will extract ores of copper, gold and other valuable metals from a depth of 1,500m, The mine will target an area of hydrothermal vents where superheated, highly acidic water emerges from the seabed, where it encounters far colder and more alkaline seawater, forcing it to deposit high concentrations of minerals. The result is that the seabed is formed of ores that are far richer in gold and copper than ores found on land.