After its famous onshore mining history, Nauru now poised to go offshore

[Stacey King]

August 5, 2011 | Author PT&I

Tiny Nauru is on the verge of becoming a global leader in deep sea mineral exploration and development.  As reported in Pacific Periscope two weeks ago, the International Seabed Authority has awarded a contract to state sponsored company Nauru Ocean Resources Inc. (NORI) to explore for minerals outside of exclusive economic zones.

The exploration will take place explore in the Clarion Clipperton Zone, in the north-east Pacific. If significant quantities of mineral deposits are detected, Nauru’s Minister of Commerce Dominic Tabuna says, the next step would be to apply to the International Seabed Authority for an exploitation licence.

He says one of the advantages of being involved in the study phase is that Nauru will be in a key position to understand what environmental effects mining has on the seabed.

But if indeed deposits are found, it will be up to Nauru to raise funds from international investors, which the minister said it would be possible for the country to do so. NORI itself might also raising funds separately. There is plenty of time to get their act together, as the prospecting activity will be spread over five years.