Country gets OK to mine ocean floor

China can now search the international seabed for three valuable minerals after a new exploration contract with the International Seabed Authority was signed on Tuesday in Beijing.

The 15-year contract signed between ISA and the China Ocean Mineral Resources Research and Development Association approved the country's exploration plans in the western Pacific Ocean for cobalt-rich ferromanganese crusts.

Under the contract, China has exclusive right to explore an initial area of 3,000 square kilometers. Over the first 10 years of the contract, 2,000 sq km of this area is to be relinquished.