Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
India is already building a rare-earth mineral processing plant in the east coast state of Orissa and will invest $135 million in a new exploration ship and the refurbishing of another vessel to mine minerals under its oceans.
Only last week, State-owned Rare Earths Ltd. (IREL) applied for approval from the Orissa state government for a rare earth exploration permit on a 2,500ha coastal land package at Bramhagiri in Puri district. IREL is hopeful the results of this exploration will help India meet its own demand for minerals.
But according to The Guardian India’s ocean exploration program is around two decades old. The country, says the report, has already tested seabed mining to a depth of 512 metres and it’s now targeting depths up to 6,000m.
Other than rare earths, India’s underwater exploration plan focuses on nickel, copper, cobalt, and rare earths, which are particularly abundant in the Central Indian Basin.
In 2011 the Papua New Guinea Government granted permission to Canada-based Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF)(AIM:NUS) to start the world’s first deep-sea mining project.
Nautilus’ gold and copper Solwara 1 project has been facing some issues recently, as the company is battling authorities in regards to its obligation to complete the agreement reached in March last year.
Read more:
Nautilus dispute with Papua New Guinea authorities threatening underwater mining future >> >>
2 Comments
online earth
hi
get information, how many land pollution on earth, The effects of land pollution can be found everywhere.
RP Family Dentist
What are rare earth? And does the exploration and mining of these rare earth under the sea affects wild life as well? And is this typically safe for the workers as well?