Consider the following statements:

1. The Global Ocean Commission grants licences for seabed exploration and mining in international waters.

2. India has received licences for seabed mineral exploration in international waters.

3. ‘Rare earth minerals’ are present on the seafloor in international waters.

Which of the statements given above are correct?

a) 1 and 2 Only

b) 2 and 3 Only

c) 1 and 3 Only

d) 1, 2 and 3

7. Ans: b

Explanation:

The International Seabed Authority (ISA), an autonomous international organisation established under the 1982 United Nations Convention on the Law of the Sea, grants the license for sea bed exploration and mining in international waters.

Hence, statement 1 is incorrect.

India was the first country to receive the status of a ‘Pioneer Investor ‘ in 1987 and was given an area of about 1.5 lakh sq km in the Central Indian Ocean Basin (CIOB) for nodule exploration. In 2002, India signed a contract with the ISA and after complete resource analysis of the seabed 50% was surrendered and the country retained an area of 75,000 sq km.

Hence, statement 2 is correct.

The sea floor of various oceans boasts one of the world’s largest untapped collections of rare-earth elements. 

Hence, statement 3 is correct.

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