Why is it in the news?

• India has recently applied to the International Seabed Authority (ISA) for exploration rights to two vast tracts in the Indian Ocean seabed.

More about the news

• India has applied for exploration rights to the AN Seamount as well as the Carlsberg Ridge in the Central Indian Ocean.
• The aim is to investigate polymetallic sulphides, which are reportedly rich in copper, zinc, gold, and silver.

About Nikitin Seamount (AN Seamount)

• The AN Seamount, also known as the Afanasy, is a cobalt-rich crust located in the Central Indian Basin. It spans approximately 400 km in length and 150 km in width.
• Situated around 3,000 km away from India’s coast, it rises from an oceanic depth of about 4,800 meters to approximately 1,200 meters.
• Survey data from approximately two decades ago indicate rich deposits of cobalt, nickel, manganese, and copper.

Why India applied for exploration?

• India aims to tap into the tremendous potential reserves of the Indian Ocean.
• With increasing global demand for clean energy technologies, the extraction of critical minerals is projected to rise significantly. India seeks to secure these minerals, essential for meeting its renewable energy targets.
• India is motivated by concerns over China’s dominance in the processing of critical minerals, aiming to reduce dependency on a single source. China currently controls 100% of the refined supply of natural graphite and dysprosium, 70% of cobalt and almost 60% of all processed lithium and manganese.