The Cook Islands Deputy Prime Minister Mark Brown is currently in Norway discussing the possible exploration of seabed minerals in the Cook Islands waters.
The Cook Islands News reports that manganese nodules found in the Cook Islands, lie on the seabed, at depths of more than 5000 metres.
According to initial scientific studies, the nodules were of a very high quality and there is a large quantity on the seabed which could make the nation billions of dollars.
Mr Brown said they would re-advertise the tenders as there had been some new interest in exploring the seabed.
He added that all practices, including exploration and the extraction of the minerals, would have to be done in a manner which was environmentally friendly and did not impact negatively on the Cook Islands.