JAMAICA, Kingston (10 March 2015) - - The International Seabed Authority and the Ministry of Natural Resources and Environment of the Russian Federation have signed a 15-year contract for exploration for cobalt-rich ferromanganese crusts within the Magellan Mountains in the Pacific Ocean.

The contract was signed today, 10 March 2015, in New York by the Deputy to the Secretary-General and Legal Counsel of the International Seabed Authority, Michael Lodge, and the First Deputy Minister of Natural Resources and Environment of the Russian Federation, Denis G. Khramov.

The application for an exploration contract was approved by the Council of the International Seabed Authority on 21 July 2014.

The Ministry of Natural Natural Resources and Environment of the Russian Federation also holds a contract for exploration for polymetallic sulphides in the Mid-Atlantic Ridge which was signed on 29 October 2012.