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Thursday, 20 February 2014 - 00:56 WIB

Cobalt in Cook Islands awaits exploitation

A part of Cook Islands (IST)

A part of Cook Islands (IST)

A part of Cook Islands (IST)

A part of Cook Islands (IST)

Jayapura, 20/2 (Jubi/IslandsBusiness) – This year could be a defining year for seabed minerals in Cook Islands.

There are plans by its government to move a step closer to exploration of its massive cobalt resource, following the completion of consultation work with the International Monetary Fund (IMF) on how to maximise this potential national wealth.

In an interview with ISLANDS BUSINESS last year, Cook Islands’ Minister for Finance Mark Brown revealed his government’s intention to ensure that critical groundwork is laid before any advancement in this area, given that undersea mineral exploitation is still a new frontier globally.

“Our legislations have been in place for a number of years now and they came into force in March (last year), so we’ve been setting in place a legal framework for the exploitation of our minerals resources,” Brown told ISLANDS BUSINESS.

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