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By M. F. Dibble

The technology available for mining of underwater mineral resources such as placers and phosphorite, typically occurring with variable amounts of overburden, has remained largely unchanged for decades. The traditional bucket ladder dredge with maximum digging depth of 48 m and monthly capacities about 500,000 m3 still reins as the only heavy duty mining system capable of working the tough materials characteristic of heavy metal placers. Attempts at adapting the bucket wheel cutter-suction dredge to these severe conditions have not yet been successful except in moving small volumes from shallow depths. High capital cost (20-30 million U.S. dollars), high cost of overburden removable, and turbidity generation for the bucket ladder are often significant negative factors in mining operations where this system remains the only viable alternative. The Japanese continue to advance the technology of their submersible dredge pump system powered by specially adapted, direct drive electric motors. Present systems are designed primarily for working surficial deposits of aggregate to depths as great as 90 meters, the pump suspended by cable from a surface vessel with an eductor pipe leading from the pump to the vessel. Such a system may prove adaptable to a variety of surficial deposits including phosphorite, shell and heavy minerals in addition to aggregate. However promising for the exploitation of surficial deposits, little advantage can be expected for the deeper buried and more difficult deposits.

Jan 1, 1986

By Michael J. Cruickshank

The State of Hawaii has expressed concern over deterioration of the tourist beaches at Waikiki, which are becoming seriously depleted of sand. In this report the options for acquisition, transportation and placement .of sand on the beach are examined with respect to feasibility and cost. Ten sources of sand were compared, including commercial, from Australia, Maui, and Barbers Point (3), deposits offshore of the Reef Runway (3), offshore of Waikiki (3), and offshore of Molokai from the Penguin Bank (1).

Jan 1, 1991

By Richard H. T. Garnett

Large scale, profitable, offshore mining of cassiterite started in 1907 around the coast of south Thailand and continues today in Indonesia. The more complex marine mining of diamonds commenced in the early 1960?s and is now an established industry off the coast of Namibia in southern Africa. The activities have involved many diverse organisations, and have required the development of new marine mining equipment. De Beers Marine, more recently as contractor to Namdeb, has been the dominant producer since 1989. Smaller, public, mining companies, registered in South Africa, Canada and the U.K., have achieved mixed performance results, but the total annual revenue from offshore diamonds now exceeds about US$ 180 M. With the benefit of hindsight, there are some useful lessons to be learned from the experiences. Mining of placer deposits at sea is more difficult and more costly than on land. It justifiably commences in response to a market demand for a product that cannot be supplied in sufficient quantity from onshore sources, not because the marine resource exists. The high costs can be offset in places by submarine grades so high that they have not been seen on land for a century. Technical and commercial success requires a combination, and a sufficiency, of ore reserves, capital, experienced people, and technology. Economic viability is not achieved easily and some diamond mining companies have experienced a very short productive life, terminating in their acquisition or liquidation. The reasons for failure in marine mining, regardless of whether the product is diamonds, gold, or tin, invariably are similar and fall into two categories. Those outside a company?s control include the sea conditions, taxation and fiscal climate, security of lease tenure, and the diamond market. The others, assignable to the company, provide important instructions for those who may aspire to advance the cause of marine mining.

Jan 1, 2004

By Peter E. Halbach, Andreas Jahn

"Co-rich ferromanganese crust deposits exist on slopes, summits and platforms of seamounts and guyots throughout the global oceans, where deep-sea currents have kept the seafloor structures more or less free of sediment for millions of years. They form by direct precipitation from cold seawater under more or less oxic conditions and consist of thin layers (2 up to 25 cm thick) covering hard substrate rocks in water depths of 800 to 5000m (Halbach and Marbler, 2009; Hein et al., 2000). Besides Mn these crusts contain interesting concentrations of minor elements (Co, Ni, Ti and Cu) and trace elements (Mo, W, Te, Ga, Pt and REEs), thus they represent significant metal deposits and promise potentially valuable additions to the world’s metal resources.The prospects for mining of this marine type of metal deposits largely depend on the grades and the scale of the potential ore resources. However, only a few percent of existing seamounts and guyots have been mapped and sampled in detail, most of them in the Pacific Ocean. Therefore, a model to estimate the geological resources based on the global seamount catalogue of Wessel (2001; revised: Wessel et al., 2009) and the empirical parameters which control the metal composition and distribution was developed."

Jan 1, 2017

By Peter M. Bartlett

The Republic of South Africa ranks among the world leaders in both reserves and production of numerous land-based mineral commodities. Over the last three decades, however, South Africa has also identified several commodities that may exist in commercial quantities in the marine environment. The major targets include 1) placer diamonds; 2) titanium- and zirconium-rich beach sands; 3) sedimentary and concretionary phosphorite and glauconite deposits; 4) manganese nodules; and 5) hydrocarbons. South Africa ranks second in world reserves of diamonds and has potentially enormous sea resources. Diamonds are currently recovered on the Atlantic side from ancient beach gravels in the Northwest Cape Province and from the seabed south of the Orange River to Lamberts Bay. Approximately 100,000 carats (or just 1% of South Africa's total annual production) are produced each year from offshore operations. DeBeers is investing approximately $5 million per year on sea prospecting activities and currently operates three vessels in offshore recovery operations. Diamonds recovered at sea will remain a small percentage of total production because of huge land-based reserves that are mined at a fraction of the cost of seabed operations.

Jan 1, 1986

By Richard Harrison, Frank Lim

Deepsea Mining will soon become a reality with Nautilus Minerals getting their equipment ready to mine SMS at Solwara 1 off the coast of Papua New Guinea. The vertical transport system (VTS) adopted by Nautilus consists of a riser hanging ‘freely’ from the mining production vessel with a lifting pump unit suspended at its lower end. A compliant jumper connects the pump to the seabed crawler without restraining its movements. In this free-hanging VTS arrangement, the vessel can be re-positioned to follow the crawler should it want to extend the mining area and start stretching the jumper. A recently proposed alternative to this is a free-standing VTS whereby the riser is grounded on the seabed with a base and maintained in an upright position by distributed buoyancy modules or a buoyancy tank at the top. A compliant jumper connects the seabed crawler to the riser base, and another connects the riser top to the vessel. In this free-standing arrangement, the entire VTS can be lifted clear of the seabed for relocation to a new mining area. This paper will describe the important features of the two options and discuss the advantages and disadvantages in respect of riser dynamic behavior, water depth, weather and mining windows, pump maintenance, installation and retrieval, continency measures, etc. The two systems will also be appraised separately for mining SMS and SMnN deposits.

Jan 1, 2018

By Alexander Malahoff

With its new continental shelf beyond the exclusive economic zone, New Zealand is a country with just 4% of its territory above water. The other 96% is submerged. New Zealand's marine territory covers an area about three-quarters the size of Australia. This territory includes large portions of the Gondwana continent from which NZ separated more than 80 million years ago. This underwater land mass extends from the shores of New Zealand to a water depth of more than 5,000 m, is largely unexplored and is almost certainly the site of many large, untapped oil, gas and mineral deposits. Underwater oil and gas drilling is now a universal activity. Underwater mining is in its infancy and will become a major activity in the future, contributing greatly to the New Zealand economy. New hydrocarbon deposits will undoubtedly be discovered under the ocean floor in regions such as the Great South Basin located off Canterbury and Otago. Mineral deposits are also undoubtedly located within the oceanic crust of this underwater NZ continent. These are as yet unknown and unexplored. The oceanic crust north of the North Island is currently being extended through the subduction of the Pacific plate into the Tonga Kermadec trench and through the growth of a line of submarine volcanoes extending north to Tonga. Active submarine volcanism has led to the growth of ocean floor mineral deposits consisting of polymetallic sulphides with iron, copper, zinc and lesser gold, silver and other metals.

Jan 1, 2011

By Ulrich Von Stackelber

Deep sea mining of manganese nodules actually will have an environmental impact to the seafloor and to the water column. However, we are far from being able to predict the possible consequences. Therefore, in 1992 environmental studies were conducted with the R/V Sonne in a manganese nodule field of the Peru Basin. The bathymetry of the seafloor was mapped using the hydrosweep system and the distribution and type of sediments were investigated by the parasound system and by collecting surface samples and sediment cores. Deep towing of a side-scan sonar system revealed a Mn encrustation of sediments and a nodule coverage of variable density. Along the tracks of a photo sledge a great variability of bottom fauna and of bioturbation was observed. Bottom-mechanical investigations of surface-near sediments were completed on board. Additionally water samples were collected near the sea floor to determine character and amount of dissolved and suspended particles. Manganese nodules and crusts were collected at 80 locations. In many aspects the nodules differ from those of the Clarion-Clipperton Zone: Big cauliflower-shaped nodules with growth rates up to 160 mm/ Ma may reach a maximum size of 24 cm in diameter, maximum abundance may be 44 kg/m2, the mean size of buried nodules is greater than that of surface nodules. The reason for that difference is due to the relatively high bioproductivity in surface waters and to a Mn redox boundary in the sediment column 10 cm below the seafloor. Histograms of nodules showing the distribution of size and growth type clearly indicate that the growth history is different for basins, slopes and tops of seamounts and ridges. Nodules with diameters >7 cm show mainly diagenetic and to a minor degree hydrogenetic growth. Smaller nodules of the same assemblage are composed mainly of hydrogenetically grown Mn oxide. The optimum diagenetic growth occurs within the sediment immediately above the Mn redox boundary, a level which is not reached by the small nodules.

Jan 1, 1994

By Lénaick Menot, Anne-Sophie Alix, Charline Guérin, Sébastien Ybert, Ewan Pelleter, Florian Besson

Ifremer, on behalf of the French government, holds an Exploration Contract with the ISA for polymetallic nodules in the CCFZ. As part of its exploration activities, the NODULE (2015) cruise was conducted to acquire a 50 m resolution bathymetric coverage of the eastern sectors of the Contract. In 2017, Ifremer initiated an update of the Contract’s mineral resource estimate. Metal grades and nodule abundance were modelled using ordinary kriging. The inferred mineral resource is 436 Mt (wet) of polymetallic nodules at an average abundance of 10.7 kg/m² with a cut-off grade of 7 kg/m². Based on the geological data, seamounts, sedimentary basins and steep slopes contain no nodules. Technical studies of most of the contractors have determined that nodule collectors could not maneuver on slopes above 5 to 10°. Thus, Ifremer has selected a quite conservative slope threshold of 7 % (about 4°) and a backscatter threshold of -29.5 dB to delineate nodule-free areas. This has a significant impact on the resource estimate, as about 54 % of the eastern Contract areas are excluded. Near-seafloor high-resolution mapping and photographic transects, associated with finer-spaced box-core sampling could constitute a next step to better constrain the mineable areas and to get a higher level of confidence in the resource estimation.

Jan 1, 2018

By Tetsuo Yamazaki

Manganese nodules, seafloor massive sulfides, and cobalt-rich manganese crusts in deep-sea areas have been considered as future metal sources (Mero, 1965; Halbach, 1982; Lenoble, 2000). Manganese nodules were the first recognized deep-sea mineral resource and many efforts concentrated on the R&D of mining systems (Welling, 1981; Herrouin et al., 1989; Yamada and Yamazaki, 1998) and assessment of environmental impacts (Burns et al., 1980; Foell et al., 1990; Yamazaki and Kajitani, 1999). No mining venture, however, has been active for this potential resource. The reason is that the rate of world economic growth has been slower than anticipated in 1960s. During the 10 year period of 1994-2003 (Fig. 1), on the other hand, there was about a 33% increase in the world copper demand. Of that increase, about 60% was consumed by China. Most of China?s increased copper demand took place over the final 4-5 years of that period. The growth is expected to continue for several years, and in 10 years or sooner the same situation is expected for India. Copper is the third metal in global demand, but its small abundance in the Earth?s crust is not well recognized (Table 1). From the production rate and the abundance, a copper shortage, or crisis, has a high probability than the other metals. Japan has no domestic copper resources and needs a counter measure for this potential coming copper shortage. Fortunately, Japan has a manganese nodule mining claim in the Clarion-Clipperton nodule field, Kuroko-type massive seafloor sulfide deposits in the Okinawa Trough and Izu-Ogasawara areas, and cobalt-rich manganese crusts around Okinotori-Shima and Marcus Islands. We need to re-evaluate their potential as copper resources and to realize their development.

Jan 1, 2005

By Steven D. Scott

The source of ore metals for base and precious metal volcanogenic massive sulfide (vms) deposits has been debated for decades. Metals can be obtained from high-temperature sea water-rock reactions in subseafloor circulatory hydrothermal systems, or provided by the magmatic fluids that are degassed from magma. The magmatic signatures are largely erased in the hydrothermal system by the overwhelming, long-term circulation of seawater. Melt inclusions in phenocrysts (plagioclase, olivine, pyroxene) of volcanic rocks provide an effective means of understanding the potential for a magmatic contribution to the ore-forming fluids. We present results of a melt inclusion study on the volcanic rocks that host active seafloor hydrothermal fields in the eastern Manus immature back-arc pull-apart basin of Papua New Guinea and an Ordovician-age back arc in New Brunswick, Canada that hosts the ?giant? (330 mmt) Brunswick #12 vms ore deposit. A fluid phase is typically observed in cavities within melt inclusions, indicating that the magma was saturated with volatiles prior to its eruption. The fluid is CO2-dominated with lesser H2O and CH4 in melt inclusions of mafic volcanics and is H2O-rich in felsic volcanics. Tiny crystals and amorphous precipitates (recrystallized at Brunswick #12) of Fe, Ni, Zn, Cu and Mn chlorides, sulfides and oxides coat the walls of the vapor cavities. The crystals include magnetite, magnesite, calcite, anhydrite, gypsum, barite, pyrite, chalcopyrite, halite, silicates and apatite. At Manus, the compositions of the precipitates on the bubble walls of melt inclusions are similar to those found in the vesicles in the matrix glass of the same sample. The ore metals in the volatile phases changed from Ni+Zn+Cu+Fe ? Cu+Zn+Fe ?Fe+Zn (+Pb?) as the magma evolved from basalt, basaltic andesite ? andesite, dacite ? rhyodacite, rhyolite. Glass of the melt inclusions compared to that of the matrix of the rocks from Manus have significantly higher concentrations of H2O (av. 1.64 vs 0.7wt%), Cl (av. 2500 vs1300 ppm) and S (av. 900 vs 100 ppm) suggesting that these volatiles were extensively exsolved from the magma. A minimum of 1.0 to 1.7wt% of magmatic volatiles is estimated to have been degassed before and during the eruptions. The focused discharge of a magmatic fluid as a result of pre-eruptive degassing could be responsible for the metals in the sulfide deposits on the seafloor. If 1 km3 of magma were emplaced in a shallow chamber, then the associated magmatic fluid would be 35.1 million tonnes. If this fluid contained 2.3 wt% Zn and 7.2 wt% Cu (Yang and Scott, 1996, Nature), a total of 0.8 million tonnes of Zn and 2.5 million tonnes of Cu would be to the hydrothermal system.

Jan 1, 2005

By Lénaick Menot, Anne-Sophie Alix, Charline Guérin, Sébastien Ybert, Ewan Pelleter, Florian Besson

Ifremer, on behalf of the French government, holds an Exploration Contract with the ISA for polymetallic nodules in the CCFZ. As part of its exploration activities, the NODULE (2015) cruise was conducted to acquire a 50 m resolution bathymetric coverage of the eastern sectors of the Contract. In 2017, Ifremer initiated an update of the Contract’s mineral resource estimate. Metal grades and nodule abundance were modelled using ordinary kriging. The inferred mineral resource is 436 Mt (wet) of polymetallic nodules at an average abundance of 10.7 kg/m² with a cut-off grade of 7 kg/m². Based on the geological data, seamounts, sedimentary basins and steep slopes contain no nodules. Technical studies of most of the contractors have determined that nodule collectors could not maneuver on slopes above 5 to 10°. Thus, Ifremer has selected a quite conservative slope threshold of 7 % (about 4°) and a backscatter threshold of -29.5 dB to delineate nodule-free areas. This has a significant impact on the resource estimate, as about 54 % of the eastern Contract areas are excluded. Near-seafloor high-resolution mapping and photographic transects, associated with finer-spaced box-core sampling could constitute a next step to better constrain the mineable areas and to get a higher level of confidence in the resource estimation.

Jan 1, 2018

By Tobias Hens, Andrew Frierdich, Barbara Etschmann, Joël Brugger, Barrie Bolton

"Advancing our knowledge about trace metal distribution and abundance provides insight into formation, alteration, and trace element enrichment processes of ferromanganese nodules and crusts. A fundamental understanding of these mechanisms, in turn, has implications for the selective recovery of critical metals and the development of sustainable hydrometallurgical techniques. Synchrotron-based X-ray Fluorescence (SXRF) is a powerful, state-of-the-art analytical tool that can examine geochemical features of Fe-Mn nodules and crusts, such as abundance and distribution of trace elements, in an integrated and efficient manner. By correlating trace element composition and Mn oxidation states in these highly complex samples, it can be determined whether these parameters are related to the Mn oxide mineralogy (vacancy content of crystal lattice) and chemistry.In this study, eleven Fe-Mn nodule and crust samples from three circum-Australian locations – the South Tasman Rise, Lord Howe Rise, and Coral Sea – were analyzed at the Australian Synchrotron, Victoria, Australia. Micrometer-scale spatial resolution of geochemical features, such as concentric growth structures and element distribution, was achieved with high sensitivity (Fig. 1). For instance, Ni could be detected at 10's of ppm to 1 wt% levels. Information on other redox-sensitive trace elements, which are present at 10-1000 ppm levels (e.g., Cu, Co, Ti), were gained by means of fully quantitative elemental composition maps."

Jan 1, 2017

By Elisabetta Tedeschi, Razieh Nejati Fard

Deep-sea mining is in the future perspective of mining industry and it is currently in the technological development phase. The focus of this study is on the electrical power system that provides sufficient energy for the mining equipment at the seafloor, excavating Seafloor Massive Sulfide (SMS) deposits. SMS deposits usually exist at water depths between 1500 m and 4000 m. Despite the similarities of SMS deposits excavation to the open-pit terrestrial mines, more energy is required to drill and crush the ores in the hyperbaric conditions [1], which can be done whether by static trench cutters [1] or by mobile mining crawlers [2]. In addition, the ores vertical transportation by subsea pumps requires several MW electrical power that can be supplied by all-electric subsea motors or hydraulically from water injection motors located on the surface. The power requirements can be fulfilled by an offshore or subsea power network. As the SMS mines are usually in remote locations, the straightforward solution will be an isolated offshore grid mounted on a vessel or platform similar to the most of offshore Oil & Gas projects. These power systems resemble the onshore microgrids for industrial purposes operating in island mode. However, in contrast with the onshore power networks, there are space and weight limitations in offshore infrastructures, which impose the design compactness to be a priority. In addition, having a very high reliability is necessary in the design approach of the offshore projects due to the extraordinary high expenses corresponding to repair and maintenance. The other design criterion is to improve the power system efficiency in order to reduce the size of the power equipment cooling apparatus, operational costs and CO2 emissions produced by diesel/LNG onboard generators. There are a few studies considering power system distribution for seafloor mining industry. Among them, [3] has investigated the AC and DC alternatives for SMS mining in 2400 m water depth by considering Solwara 1 project scenario introduced by Nautilus Minerals Inc. [2]. In this study, a power system design tool will be presented taking into account various water depth, power consumption levels, different distribution configurations (AC and DC) and the aforementioned design criteria.

Jan 1, 2018

By Joshua Brien

DEEP SEABED MINING IN NATIONAL JURISDICTION: KEY CHALLENGES The talk focuses on the key challenges that arise from deep-seabed mineral exploration and development within areas of national jurisdiction, including legal and institutional challenge and options to address these challenges. Joshua Brien has acted for a range of Governments throughout the world, including smallisland States and the developing world. This has included engagement in matters before the International Court of Justice, the Tribunal for the Law of the Sea in contentious and advisory proceedings, including provisional measures applications and prompt release cases.

Jan 1, 2018

By Kiseong Hyeong

The Intertropical Convergence Zone (ITCZ), where the southeast and northeast trade winds converge, is the effective climatological barrier that separates the southern and northern hemispheres in terms of dust budget. Asian and N. American dusts dominate in the Pacific north of the ITCZ, while Central and S. American dust prevails south of the ITCZ. In order to understand the nature of latitudinal and depth-related variations of mineral composition in terms of position relative to the ITCZ, deep-sea core sediments were collected from 9°N to 17°N at a 2° intervals along the 131.5°W meridian and analyzed for mineral composition. The amount of illite in surface sediments decreases gradually from 65% at 17°N to 31% at 9°N. In contrast, smectite increases from 11% to 56% southward. The observed mineralogical variation toward the ITCZ is attributed to the increased supply of volcaniclastic material transported via the southeast trade winds from the Central and South America source regions. Smectite-illite transition, a phenomenon that the amount of smectite increases over illite, occurs at around 10°N, the northern margin of the ITCZ. This result indicates that the change in latitudinal position of the ITCZ in the geological past could be recorded by the smectite-illite transition in deep-sea cores. The cores studied show down-core variation of mineral composition from illite-rich at the surface to a smectite-rich clay suit at depths, similar to the latitudinal variation. The smectite-illite transitions observed in these cores are likely the records of changes in latitudinal position of the ITCZ. The depth and age of the smectite-illite transition is getting shallower and younger towards the equator, implying that the ITCZ was located farther north during late Tertiary and has shifted southward to the present position of 5°N~10°N.

Jan 1, 2004

By Michael J. Cruickshank

The University of Hawaii, Ocean Basins Division (OBD) shares, equally with the University of Mississippi, Continental Shelf Division (CSD), congressional funding for the Marine Minerals Technology Center, a Generic Minerals Center under the U.S. Department of the Interior's Mineral Institutes Program. The State of Hawaii supports the program by the provision of salaries for the Executive and Technical Directors and by the provision of fiscal, administrative, and facilities support through the Hawaii Natural Energy Institute, the Research Corporation of the University of Hawaii, and the School of Ocean and Earth Science and Technology. The Center's program of research, technology development and education is multi-disciplinary and international in scope. Activities since the MMTC/OBD was established in June 1988 have included: Research projects * Development of a Free-Fall Seafloor Hard Substrate Corer. * The Microtopography of Manganese Crust deposits. * Evaluation of the Cobalt Crust Continuum on Seamounts in the Hawaiian Exclusive Economic Zone. * Graphite Furnace Atomic Absorption Spectrometer. * Computer Aided Design Methodology for Power, Communication and Strength Umbilicals. * Characterization and Environmental Impact Assessment of Tropical * Reef-derived sands for Beach Replenishment.

Jan 1, 1991

By John W. Padan

The 1982 United Nations Convention on the Law of the Sea contains major provisions that U.S. negotiators have sought for over two decades. The internationally recognized right to the mineral resources of a broad continental margin is of potentially enormous future importance to the United States. Although water depths reach 10,000 feet in some of the deeper areas of the margin, technology is rapidly making those depths economically accessible. In 1997, production in the Gulf of Mexico will reach a world record water depth of 5400 feet. Of perhaps even greater importance to the oil and gas industry is the broadly acknowledged right for tanker transport of oil to take place throughout all parts of the world's oceans.

Jan 1, 1996

Although Mn, Fe, Cu, Ni, and Co have been the main interests since the ferromanganese nodules had been found, the other major components such as Si and Ca might be very important controlling factors in the processing due to the locally variable content. It is because of the fact that SiO2 and CaO are added to decrease the smelting temperature in the reduction-smelting method for manganese nodule processing. We have compiled the 707 chemical data for KODOS (Korea Deep Ocean Survey) ferromanganese nodules, which have been acquired from 1994 to 2001 and have been also standardized from 2001 to 2003 to avoid the discrepancy between the data sets. All 707 chemical data were used for the hierarchical cluster analysis to get the elemental correlations and also classified by the morphological types. The averages from each station were classified by the facies groups (Fig. 1) and the localities. Then all data are plotted on the SiO2-CaO-MnO phase diagram at 1773°K to compare with the best compositional area in the nodule smelting. Variations and distributions of SiO2 and CaO as well as those of Mn, Fe, Cu, Ni and Co in KODOS ferromanganese nodules were also reviewed. The mineral phases assigned by the cluster analysis are CFA (Carbonate Fluorapatite), Fe-oxide, Al-silicate, and Mn-oxide. MnO contents are generally higher than SiO2 contents in most of the morphological types except for the Is- and It-type. The Dt- and Tt-type show wider range and the E-types show high anomaly in their CaO contents. The stations which belong to facies group A and B show generally higher MnO contents than SiO2 contents, however, the stations of facies group C and D show wide range in their MnO and SiO2 contents.

Jan 1, 2004

By Justin C. I. Baulch, Robina Sharpe, Steven J. Downey, John P. Feenan, Kate M. Perrin

Since becoming a public company in October 2005, Neptune Minerals has continued to advance its primary aims. Major achievements in the last year have been: • Successful completion of two simultaneous New Zealand exploration programs, Kermadec 2007 (K-07) and Colville-Monowai 2007 (CM-07); • New discovery of an inactive SMS field on the Rumble II West seamount; • Focused exploration license applications over quality areas of known SMS mineralization in arc and back-arc settings in Japan, Vanuatu, Papua New Guinea (PNG), Northern Marianas Islands (CNMI), Palau, and Italy; • Granting of licenses covering some 200,326 km2 of arc and back-arc within the EEZ of PNG and the Federated States of Micronesia (FSM); • Targeting of an additional mineralization style with extensive applications in PNG covering Conical Seamount-style Au-rich epithermal mineralization; • Welcoming Newmont Mining, one of the World’s largest mining companies, as a major shareholder; • Commissioning a scoping study to investigate options for mining and processing of SMS; Marine Minerals of the Pacific: Science, Economics and the Environment UMI2007 · The University of Tokyo, Japan Baulch 2 37th Underwater Mining Institute · 15-20 October 2007 • Invitation to contribute to, and participate in, the Meteor M73/2 Tyrrhenian Sea research program. The Company has granted exploration licenses covering 263,000 km2 in New Zealand, FSM and PNG, and a further 362,000 km2 under application in Japan, PNG, Vanuatu, Northern Mariana Islands, Palau and Italy.