SINGAPORE (June 16): Ocean Mineral Singapore, majority-owned by Keppel Corp, announced it has entered into a 15-year contract with the International Seabed Authority (ISA) to explore polymetallic nodules within the Clarion-Clipperton Fracture Zone of the Pacific Ocean.

Polymetallic nodules contain copper, nickel, cobalt and manganese, as well as rare earth minerals, and have the potential of supplying these key metals to meet growing global demand in applications as diverse as construction, aerospace and alternative energy.

OMS will be the first Singaporean company to be awarded such an exploration contract.

Supported by the Keppel-NUS Corporate Laboratory, OMS will be conducting environmental studies and surveys for deposits of polymetallic nodules within the approved area of 58,000 square kilometres, which is 80 times the size of Singapore.

OMS's other shareholders are UK Seabed Resources, a wholly owned subsidiary of London-based Lockheed Martin UK Holdings, and Singapore-based private investment company Lion City Capital Partners.