News ~ 2018


New York, April 19th, 2018

The OML team traveled to New York last week to meet with investors and to attend the Murdock Capital Partners Symposium.

Mr. Hans Smit, Chief Operating Officer of Ocean Minerals LLC presented, “Significant Cobalt Resource from Seafloor nodules”, see the presentation and the full web cast below:

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Web Cast – Murdoch Partners Symposium – April 19th, 2018

Rarotanga, Cook Islands, March 23, 2018

One step closer to mining sea floor

The Cook Islands is the only country in the world with a widely recognised, commercially viable ‘polymetallic nodule field’ – including valuable deposits of cobalt and titanium – within its exclusive economic zone.

Last week, the country took a step towards becoming the first in the world to mine those nodules, with six representatives from the American-based Ocean Minerals Ltd (OML) company visiting the islands of Aitutaki and Rarotonga to explore the viability of harvesting nodules.

Last year, OML gained exclusive rights to apply for licensing to undertake prospecting and exploration activities in an area of around 23,000sqm. This area lies within the South Penrhyn Basin, one of only four locations in the world with densities high enough for potential commercial extraction of nodules.

The agreement with the Cook Islands government was reportedly worth $100,000 and is valid for 18 months. OML director David Huber says the company is now in the process of applying for a licence to prospect and explore the area.

Cobalt metal fetches more than $130,000 a tonne and its value is expected to keep soaring. According to a report published by the Cook Islands Natural Heritage Trust, the South Penrhyn Basin could meet 24 per cent of global demand for cobalt and 26 per cent of the demand for titanium.

Read the full article here

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