A Nauru based company seeking an application to explore for deep sea minerals says it could bring enormous benefits in revenue, employment and capacity building.
The Nauru incorporated company, Nauru Ocean Resources has made the application to the International Seabed Authority to explore an area in the north-east Pacific Ocean reserved for developing states.
The Nauru government says its the first developing state to sponsor such an application.
The government says the agreement requires no monetary commitment from the country, and will not deplete its resources as the minerals are in international waters.
Nauru Ocean Resources chairman David Heydon says as well bringing in royalties and taxes, there could be other spinoffs
"We also need to employ Nauruans and help build capacity there of their skills in the marine environment and engineering and technical environment. So look it's an amazing endeavour."
Robert Heydon says the venture may require about four billion US dollars in capital which could be drawn from capital markets, and existing mining companies in a partnership arrangement.