Q. Consider the following statements:
1. The Global Ocean Commission grants licences for seabed exploration and mining in international waters.
2. India has received licences for seabed mineral exploration in international waters.
3. ‘Rare earth minerals’ are present on seafloor in the international waters.
Which of the statements given above are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: B
Notes:

Why this Question: Indias Deep Ocean mission was in news. 

Ans) b  

Exp) Option b is correct. 

Statement 1 is incorrect. International Seabed Authority (ISA) considers applications for exploration and exploitation of deep-sea resources from contractors, assesses environmental impact assessments and supervises mining activities.  

Statement 2 is correct. India was the first country to receive the status of a Pioneer Investor in 1987 and was given an area of about 1.5 lakh sq km in the Central Indian Ocean Basin (CIOB) for nodule exploration. Indias exclusive rights to explore polymetallic nodules from seabed in the Central Indian Ocean Basin (CIOB) have been extended by five years. These rights are over 75000 sq. km of area in international waters allocated by the International Seabed Authority for developmental activities for polymetallic nodules.  

Statement 3 is correct. The sea floor of various oceans boasts one of the world’s largest untapped collections of rare-earth elements. Example is scientists have discovered a vast reserve of rare earth reserve in the Japan side of the Pacific Ocean.  

Source: https://www.thehindu.com/sci-tech/science/why-is-india-pulled-to-deep-sea-mining/article28809029.ece 

Subject) International Relations