The Cook Islands Investment Corporation (CIIC) has completed a comprehensive strategic review of its seabed minerals interests to ensure its joint venture and shareholding structures remain fit for purpose in a rapidly evolving global sector.
CIIC’s involvement in seabed minerals is through its 50/50 joint venture company, Cobalt Seabed Resources Ltd (CSR), established in 2016 with Global Sea Mineral Resources (GSR), a Belgium-based company with more than a decade of experience in deep sea exploration and environmental research.
The venture currently holds two exploration licences – one in the Clarion-Clipperton Zone (CCZ) under the International Seabed Authority (ISA), and one within the Cook Islands Exclusive Economic Zone (EEZ) under the Seabed Minerals Authority (SBMA).
It is important to note the distinction between CIIC and the SBMA. CIIC’s role is to manage the Crown’s assets and shareholding interests on behalf of Government, ensuring national benefit and long-term sustainability. The SBMA, on the other hand, is the independent regulator responsible for licensing, compliance, and environmental management of the seabed minerals sector within the Cook Islands EEZ.
CIIC’s strategic review aligns with government policy requiring Crown entities to regularly evaluate their operations, structures, and ownership models to ensure they remain effective, accountable, and future-focused. The review engaged a number of specialist firms to analyse the joint venture’s structure and shareholdings, legal and financial arrangements, exploration work completed to date, planned future programmes, and the resource and economic potential within the licensed areas.
Following the review, CIIC and its joint venture partner GSR have agreed that while their partnership will continue for the CCZ licence, CIIC is allowed to explore the possibility of re-partnering with another investor to progress its EEZ exploration licence. Commercial structuring discussions and dialogue with prospective partners has taken place. A preferred partner has been selected and detailed negotiations and due diligence are proceeding under exclusivity. These remain confidential, are commercially sensitive and are subject to Non-Disclosure Agreements (NDAs). More information on investors will be shared publicly when practicable.
Cabinet has been engaged and kept informed throughout this process. Any future changes to CIIC’s joint venture structure or partnerships will be subject to Cabinet approval and full regulatory approval through the Seabed Minerals Authority and other relevant agencies.
CIIC Chair Fletcher Melvin said the review reflects CIIC’s commitment to responsible governance and strategic foresight.
“CIIC’s role in this sector is to ensure that Cook Islands interests are well represented and that the nation benefits directly from any future developments,” said Mr Melvin.
“The seabed minerals sector is complex and highly specialised, but with the right partners and robust oversight, it offers the potential for long-term, sustainable economic returns for our country.”
Exploration work under both licences has already been extensive, though significant scientific and technical studies remain ahead. CIIC and CSR continue to support training, internships, and capacity-building opportunities for Cook Islanders to participate in this emerging global industry.
CIIC remains committed to acting in the best interests of the Cook Islands, ensuring that any involvement in seabed minerals exploration is environmentally responsible, socially conscious, and economically beneficial for current and future generations.
