Canada's Endeavour Financial Corporation is again lobbying the Cook Islands Government for a deep sea mineral exploration licence.
Endeavour, a merchant bank which focuses on the mining sector, wants to investigate whether the nodules of manganese and other minerals can feasibly be extracted.
The company first approached the Cooks government in 2008 but the then administration refused to enter into any agreements as seabed mining legislation hadn't been put in place.
The most recent proposal submitted by Endeavour has been given to the new economic development taskforce for comment.
The taskforce is expected to advise the minister of mining and natural resources, Tom Marsters, on whether to accept or decline the Endeavour proposal.