The Indian government announced on Saturday that India had signed a contract for 15 years with the International Seabed Authority to have exclusive rights in exploring polymetallic sulphides within the Indian Ocean.

The polymetallic sulphides that form around hydrothermal vents at the bottom of the ocean contain high concentrations in metals like copper, zinc and gold - which are essential to clean energy technologies, electronic devices, and other high tech applications.

India is the only country that has two ISA contracts in place for polymetallic sulphides. A previous agreement with the United Nations, which regulates the mineral exploration and exploitation of international seabed zones, covered the Central Indian Ridge and Southwest Indian Ridge.

A government statement stated that the country holds the largest area of exploration allotted to it by the ISA in relation to these deep-sea deposits.

The company is also looking for exploration licenses in the Pacific Ocean.

Jitendra Singh, India's Minister for Science and Technology, said that the agreements will help improve the country's capabilities in mineral and maritime exploration. (Written by Sarita Chaganti; edited by Kirby Donovan).

(source: Reuters)