1. The government of the Republic of Korea announced that, at the 22nd session of the International Seabed Authority (ISA) on July 20, it had won an exclusive right to explore an area of 3,000 km2, or about 350 times the size of Yeouido, of manganese pavements on the Magellan Seamounts in the international waters of the western Pacific Ocean.

2. The acquired right marks the fifth won by the ROK, following those to explore manganese nodules in the international waters of the Pacific Ocean; and marine hydrothermal deposits in the international waters of the Indian Ocean, as well as in the exclusive economic zones (EEZs) of Tonga and Fiji. The country now has the right to explore an area totaling some 115,000 km2.

3. The acquisition of the right carries great significance in that the ROK has become the third country after China and Russia to have exclusive rights to explore three types of minerals -- manganese nodules, marine hydrothermal deposits and manganese pavements -- on deep sea floors in international waters.

4. The manganese pavements in the western Pacific Ocean have high cobalt and rare-earth element contents and are found at shallower water depths (800 – 2,500m) than manganese nodules, making it possible to mine them at relatively low costs and thereby drawing keen interest from many countries.

5. The area in the western Pacific Ocean that the ROK has won the exclusive right to explore is known to have more than 40 million tons of manganese pavements. An annual commercial production of one million ton is expected to have the effect of replacing key mineral imports worth six trillion won over the next 20 years.

6. The government, after concluding an exploration contract with the ISA and selecting a promising area for development after a detail survey, will make active efforts for the private sector-led commercial production of manganese.

7. For the ROK, which relies on imports to meet its demand for key minerals, development of deep-sea minerals is important in terms of broadening its scope of marine economic activities and securing sources of natural resources. Going forward, the government will continue to take an active part in international efforts to secure stable supply of natural resources and to achieve sustainable development.


* unofficial translation