Odyssey Marine Files EIA for Don Diego Deposit

Odyssey Marine Exploration Inc. (NASDAQ:OMEX) announced that it has filed with Mexico’s Secretary of Environment and Natural Resources an Environmental Impact Assessment (EIA) for the proposed dredging and recovery of phosphate sands from the Don Diego deposit.

The company expects a response in about 60 business days.

Information in the EIA includes:

• The project area features a low level of sea life and biodiversity. The area where the proposed dredging will take place is known locally to the fishermen as ‘Los Lodazales’ or ‘mud pits’ because the phosphate-rich material is relatively inhospitable to benthic fauna and therefore is not an area frequented by local fishermen seeking bottom fish.
• The proposed extraction methodology uses standard Trailer Suction Hopper Dredging (TSHD), a method that has been used worldwide for decades for maintenance dredging, reclamation works and dredging marine aggregates for use in construction. The impacts of TSHDs have been extensively studied in European waters and elsewhere. The project’s dredging partner has conducted over 200 dredging projects in Mexican waters over the past 20 years.
• During the extraction process and offshore processing, no chemicals are introduced into the ocean. Phosphate is extracted by mechanical means and only shells, oversized materials and fine sediment are returned to the seabed in a manner that creates structure, which studies have shown to enhance local fish populations.

Mark Gordon, Odyssey’s president and COO, commented:

The ‘Don Diego’ project team has produced an extraordinary amount of high-quality work leading to this very thorough environmental assessment. Offshore operations began with environmental and resource sampling and data collection conducted by Odyssey, which then continued with independent land-based laboratory testing and scientific analyses. This work has confirmed that the ‘Don Diego’ phosphate deposit is a strategically and economically significant resource, and its development will have minimal environmental impact while creating an overwhelmingly positive social and economic benefit for Mexico.

Click here to read the full Odyssey Marine Exploration Inc. (NASDAQ:OMEX) press release.