"Seabed mining is a new frontier for exploiting resources buried in the deep ocean and continental shelves. The first seabed mining was carried out in the year 1978 in the Pacific Ocean, some 1600 km south-east of Hawaii and was engineered by Ocean Management Inc (OMI) consortium. It was a 50 million dollars venture and 1000 tonnes of manganese nodules were netted out. OMI constitutes of agencies from West Germany, Japan, Canada and the US. While it is true that seabed mining will help refuel industrial growth, it cannot be denied that explorations unplug serious environmental concerns. Three minerals that hold possibilities of exploitation are sea-floor sulphides, cobalt rich crusts and manganese - all of which have significant value in military application. Manganese nodules - small, dark, and round, contain manganese, nickel, copper, cobalt, and other minerals - are found along the floor of the Atlantic and Pacific oceans. The nodules were first discovered on the famous oceanographic Challenger Expedition of the 1870s.
Oceans hold precious resources buried in seabeds and continental shelves. Despite legislations and international bodies upholding the Law of the Seas, fear about restrain of rights has begun to grow in developing nations with technologically advanced countries leading exploitation activities.