KINGSTON, Jamaica (9 November 2015) - - The International Seabed Authority and Companhia De Pesquisa de Recursos Minerais of Brazil (CPRM) have signed a 15-year contract for exploration for cobalt-rich ferromanganese crusts in the Rio Grande Rise in the South Atlantic Ocean.

The Contract was signed today, 9 November 2015, in Brasília, by the Secretary-General of the International Seabed Authority, Nii Allotey Odunton, and the Director-President of CPRM, Manoel Barretto da Rocha Neto.

The application for the exploration contract was approved by the Council of the International Seabed Authority on 21 July 2014.

This is the first Contract for exploration in the Rio Grande Rise and the fourth contract for exploration for cobalt-rich ferromanganese crusts which has been signed with the Authority.