International seabed authority (isa) and ministry of earth sciences exchanged pmn (polymetallic nodules) exploration extension contract.

• Contract for same was initially signed in 2002 for a period of 15 years. It was extended by ISA twice for 5 years period, during 2017 and 2022.
• India has been assigned an area of about 75,000 sq km in Central Indian Ocean Basin (CIOB) for PMN exploration.
• PMN refers to small potato-like rounded accretions composed of minerals such as manganese, nickel, cobalt, copper and iron hydroxide.
  • These have immense economic and strategic importance.

About International Seabed Authority

• ISA, an autonomous international organisation established under 1982 United Nations Convention on the Law of the Sea, allots ‘area’ for deep-sea mining.
• Deep-sea mining is process of retrieving mineral deposits from deep seabed i.e. ocean below 200m.
• India was first country to receive status of a ‘Pioneer Investor’ in 1987.
• Significance of deep sea mining:
  • Metals extracted from PMN can be used in electronic devices, smartphones, solar panels etc.
  • By just utilizing 10% of PMN reserve available in allotted area, India can meet its energy requirements for the next 100 years.

Concerns related to deep sea mining:

• May cause unavoidable, irreversible harm to deep-sea ecosystems;
• Can have a deleterious impact on marine species;
• Risk of accidents like leaks and spills of fuel etc.