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Int'l - Five Sites Identified For Fiji's Deep Sea Mineral Exploration: KIOST Minerals

Five prospective Fijian sites have been identified by a Korean deep sea mineral exploration company for further investigation.

Five prospective Fijian sites have been identified by a Korean deep sea mineral exploration company for further investigation.

Korean Institute of Ocean Science and Technology (KIOST) Minerals (South Pacific) Limited is waiting for high end technology and remote controlled equipment to arrive to carry out the next phase of its deep sea minerals (DSM) exploration programme.

KIOST Minerals (South Pacific) Ltd spokesman and Fiji agent Jang Wan Bang confirmed the matter.

KIOST Minerals has completed three exploratory sea cruises since the issuance of its deep sea exploration licences, Minister for Mineral Resources, Jone Usamate told Parliament, last week.

The company was first awarded its deep sea exploration licence in 2011 for a six-year term.

The licence subsequently renewed in 2017 for a further four- year term as confirmed by Mineral Resources Department acting director Raymond Mohammed.

Sum of investment

Mr Bang said the company had invested $36.4 million in the project since its initiation over three years ago.

The company has a budget of $81.4 million for its Fiji project, he said.

The five deep sea exploration prospects within the organisation’s exploration licence area in Fiji’s exclusive economic zone are the size of the ANZ stadium, Mr Bang said.

Read also: Pacific Plunder: this is who profits from the mass extraction of the region's natural resources – interactive  The Guardian

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