Ocean Mineral Singapore (OMS) will explore for polymetallic nodules, which contain copper, nickel, cobalt, manganese, and rare earth minerals, where these key metals can meet the global demand in applications of construction, aerospace and alternative energy.
The Keppel subsidiary will work with UK Seabed Resources, subsidiary of Lockheed Martin UK Holdings, and investment firm Lion City Capital Partners on the minerals exploration.
OMS has applied to the International Seabed Authority (ISA) for its first seabed exploration licence which will be considered by the ISA in July.
While harvesting polymetallic nodules from the ocean floor at depths of several kilometres has previously been considered uneconomic, the development of new technologies for the offshore oil industry and aerospace industry over the past decade has changed this dynamic, according to Keppel Corp.
Nodules can be brought to the surface using a combination of remotely-operated or autonomous underwater vehicles, pumps and riser pipes.
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