Brazil Ready to Spend $11 Million on Cobalt Seabed Exploration

BNamericas reported that Brazil’s national geological service (CPRM) has submitted a plan to explore “a cobalt-rich ferromanganese crust in international waters” to the International Seabed Authority, located in Jamaica.

As quoted in the market news:

Brazil has agreed to invest US$11mn in the first five years of exploration, which would last 15 years, CPRM’s geology and mineral resources director Roberto Ventura was quoted as saying by paper O Globo.

The region has potential for the exploitation of cobalt, manganese and iron, according to Ventura.

‘The application area is in the Rio Grande Rise and the applicant has elected to offer an equity interest in a JV arrangement with the enterprise in lieu of a reserved area,’ ISA said, adding that CPRM’s application is sponsored by the federal government of Brazil.

Click here to read the full BNamericas report.