Oceania Television News
An unidentified foreign company has reportedly expressed interest in seabed mining in the Federated States of Micronesia.
FSM’s national congress, introduced resolutions 17-175 and 17-180, stating this company has “expressed interest over seabed mining activities in the Exclusive Economic Zones in the Federated states of Micronesia and…. has proposed to enter into a long-term agreement wth the Federated States of Micronesia which involves reconnaissance, exploration and mining of seabed mineral resources.”
The Congress is urging the president to “review existing laws and recommend appropriate changes or modifications… to address the legal, financial, and regulatory issues arising from seabed mining activities.”
The resolution also states that before the country “issues a permit or enters into an agreement for the extraction of seabed resources, complete legislation governing seabed mining to include those concerning royalties and fees must first be in place.”
What the resolution does NOT mention is the identity of the foreign company or its origin. Currently, FSM does not have any legislation regulating seabed mining, but in 2007 issued a foreign investment Permit, FIP 006-07 to a UK based company Neptune Minerals Public Limited Company authorizing them to “undertake meaningful commercial exploration leading to definition and appraisal of Seabed Massive Sulphide deposits… in the area of Yap Arc and Back-Arc structures located north and west of the Yap Island Group.”
According to the company’s 2008 financial report, they have a license renewable every year until 2023 in the FSM. The company since then has been acquired by Neptune Minerals Incorporated, a company based in Nevada, and according to their website does not currently have a license to mine in FSM.
As of this publication, FSM’s Congress has not yet identified the identity of the foreign company.
OTV has been unsuccessful in obtaining a response from Neptune Minerals Incorporated to confirm whether or not they still hold a foreign investment permit in the Federated States of Micronesia.