Eco Minerals signs seabed exploration MOU with Impossible Metals

Eco Minerals said on October 9 that its subsidiary Deep Sea Vision had signed a memorandum of understanding with Pittsburgh-based underwater robotics developer Impossible Metals. The framework makes Eco Minerals the exclusive exploration partner if Impossible Metals elects to conduct offshore mineral exploration during the agreement term, subject to the availability of Eco Minerals’ autonomous underwater vehicle, sonar and box-coring equipment for the relevant schedule.

The MOU also gives the parties a framework to assess use of nodule-collection technology in potential future Eco Minerals projects or lease areas. The release says most of the MOU is non-binding and creates no minimum work commitment, guaranteed revenue or obligation to sign a definitive commercial agreement. Eco Minerals says it has submitted an application to NOAA and undertaken preparatory work; the announcement does not say that a permit has been granted.