The Cook Islands Seabed Minerals Authority has clarified that a proposed corporate transaction involving seabed minerals explorer AOMC and Odyssey Marine Exploration does not alter the status of any exploration licence or give the companies ownership or control of seabed mineral resources.
The SBMA said the proposed transaction, disclosed through US Securities and Exchange Commission filings, is being assessed under Cook Islands law, with the interests of Cook Islanders central to the process.
The authority stressed that an exploration licence does not confer ownership of Cook Islands seabed minerals or automatically grant rights to commercially harvest minerals.
“No company owns or controls any part of the Cook Islands Exclusive Economic Zone or Marae Moana through an exploration licence,” the SBMA said.
Cook Islands seabed mineral resources remain under the country’s jurisdiction, it said.
The authority also addressed reports that the transaction could be completed in October, saying the timetable set by the companies does not determine the Cook Islands’ regulatory process.
“Company timelines do not set Cook Islands regulatory timelines,” the SBMA said, adding that the proposed transaction does not override Cook Islands law or determine any regulatory matter in advance.
The SBMA said its assessment covers issues including ownership and control, financial capability, compliance, royalties, taxation, environmental obligations and other regulatory requirements.
It has sought further information and assurances as part of the assessment, the authority said.
The Cook Islands remains in an exploration and research phase, with no commercial minerals harvesting approved or authorized under existing exploration licences.
Any proposal to move from exploration to commercial harvesting would remain subject to Cook Islands legal and regulatory requirements, including environmental assessment, public consultation where required and relevant decision-making processes.
The SBMA said public scrutiny of seabed minerals activities was important, but urged discussion to be based on verified information and an understanding of the regulatory framework.
“Commercial arrangements between companies do not decide the future of the Cook Islands seabed minerals sector,” it said. “That decision rests with the Cook Islands, through Cook Islands law, public process, and national decision-making.”
