3 May 2007

London firm granted permit to explore Yap

10:32 am on 3 May 2007

A London-based firm has been granted a four-year permit to explore the marine exclusive economic zone of Yap for polymetalic sulphide deposits.

The Palau Horizon reports that the company Neptune Materials is looking for deposits that contain copper, zinc, lead gold and silver.

Neptune Materials' foreign investor permit gives it the right to explore 200,000 square kilometers of seabed.

The company said that metal values per tonne can cost as high as $,200 and the estimates of costs to recover and sell it are in the order of $200 to $300 per tonne.