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Minerals Report - International Seabed Authority

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3.1.1.3 Polymetallic Massive Sulphides<br />

Polymetallic massive sulphides [PMS], which are rich in Cu, Zn, Pb,<br />

Ag and Au, are currently creating the most excitement in the offshore mineral<br />

sector, with Pacific PMS deposits being heralded by some as potentially being<br />

“bonanza resources” 6 , due to their high gold content.<br />

PMS deposits were first discovered in the Pacific in 1984 in the<br />

Southern Lau Basin in water depths of 1800m. More discoveries of sulphide<br />

deposits were made in 1986, in the Manus Basin Woodlark Basin and<br />

Northern Lau Basin. In 1988 the North Fiji Basin deposits were discovered,<br />

east of Fiji.<br />

Preliminary results of research cruises conducted in the EEZs of<br />

Vanuatu and the Solomon Islands suggest evidence of hydrothermal activity.<br />

More detailed exploration of these may result in further discoveries of PMS<br />

deposits. There are at least ten known locations of PMS deposits and<br />

hydrothermal sites in the Pacific, refer Figure 2.<br />

6 The New York Times of 21 December 1997 reported Pacific PMS deposits as being<br />

the “richest volcanic deposits ever found at sea” and estimated their likely value to be<br />

in the order of “billions of dollars” if they were situated on-land.<br />

INTERNATIONAL SEABED AUTHORITY 893

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