Brazil submits plan for cobalt seabed exploration

Brazil's national geological service (CPRM) has submitted to Jamaica-based International Seabed Authority (ISA) a working plan for the exploration of a cobalt-rich ferromanganese crust in international waters, the latter said in a release.

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.

The Rio Grande Rise is a long stretch of mostly volcanic rocks that extends from southern Brazil out to sea nearly all the way to the Mid-Atlantic Ridge at the island of Tristan da Cunha.

CPRM's application will be assessed at ISA's next commission meeting, set to start February 3.