‘Tens of billions’ from seabed mining

‘Tens of billions’ from seabed mining

The Cook Islands government is seriously considering mining its ‘tens of billions of dollars’ of seabed resources. Mark Brown, Cooks Islands’ Finance Minister has held talks with some of the worlds biggest companies about licensing deals with the first tenders due to be granted before June 2014. Brown says the Cook Islands government is looking at having stakes in the mining companies for free in return for rights to exploit its seabed resources. The government has been considering the establishment of a wealth fund to manage revenues from this lucrative project. However, concerns persist about the negative impacts of seabed mining, including serious threats to marine environment.

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