Why in news?  International Seabed Authority with headquarters in Jamaica has officially designated India as a “Pioneer Investor”.

Highlights

• India is all set to join the elite group of countries – United States, United Kingdom, Germany, France, Russia, Japan, and China to explore the sub-sea, and harness the unexplored wealth of the oceans on the seabed.
• It provides exclusive rights to explore polymetallic nodules from seabed in Central Indian Ocean Basin (CIOB) for India
• Central Indian ocean basin contains nearly 380 million tons of Polymetallic nodules (Copper, Cobalt, Nickel, Manganese, Rare earths, etc.)

About International Sea bed Authority

• It is an intergovernmental body of 167 member states and the European Union established under the 1982 UN Convention on the Law of the Sea (UNCLOS)
• It will authorize and control development of mineral related operations in the international seabed( common heritage of all mankind)
• Mainly protects the ecosystem of the seabed, ocean floor and subsoil in “The Area” beyond national jurisdiction.
• Most current areas of exploration are in the Clarion-Clipperton Zone (CCZ), in the Equatorial North Pacific Ocean, south and southeast of Hawaii, between Hawaii and Mexico.
• All states parties to UNCLOS are ipso facto members of ISA
• Mining code is a proposed code will provide holistic regulatory framework for the exploitation of the resources in the area