China enters race with foreign rivals to mine the seabed for valuable minerals
With China recently achieving its long-held desire to exploit untapped underwater resources, a new method of sustaining its rapid economic development appeared to be secure.
The award of exploration contracts last month for valuable minerals by the 165-member International Seabed Authority, which regulates deep-sea mining activities, approved exploration plans for cobalt-rich ferromanganese crusts by both China and Japan.
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