15 Dec 2011

Cook Islands' waters could contain tonnes of valuable minerals

5:27 am on 15 December 2011


The Cook Islands' Deputy Prime Minister Tom Marsters, says a significant amount of oil and petroleum is likely to be found in the Island's exclusive economic zone.

Mr Marsters says he has received unconfirmed reports that the island's waters contain tonnes of valuable minerals, including more than 20 billion tonnes of a certain mineral.

He says it could be worth more than the country's manganese nodules and says the government is investigating what he describes as exciting news.

Mr Marsters made the revelation when he spoke about a new bill allowing greater accuracy of territorial sea and exclusive economic zone mapping, which has been unanimously adopted.