Korean Company to explore Fiji's deep sea minerals
Wednesday, November 02, 2011
Korean Ocean Research and Development Institute (KORDI) has been granted a six year mineral exploration license for deep sea minerals in Fiji’s Exclusive Economic Zone (EEZ).
Director Mineral Resources Department, Malakai Finau says KORDI will be exploring for hydrothermal deposits particularly sea floor massive sulphides in deep seas.
He says the location of the mineral exploration is far from the coastline in the west of Fiji.
The Korean company is expected to invest close to US$32 Million into the country.
Finau says the project is in its exploration stages and mining will commence once results show that mining is feasible.
The Mineral Resources Department processes license documents with companies having to provide a bond before licenses are released.
Report by : Christopher Chand
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