China proposes joint mining of Indian Ocean ahead of Modi's visit to Beijing

Large deposits of gold and silver are discovered in Indian Ocean

BEIJING: A week before Indian Prime Minister Narendara Modi is set to visit the country, China said it was 'eager to cooperate' with India on deep sea mining in the Indian Ocean where large deposits of gold and silver have reportedly been discovered.

Read: Modi to ramp up help for Indian Ocean nations to counter China influence

"With quickening oceanic development and increasing mineral exploration in the Indian Ocean, China is eager to cooperate with India on deep seabed mining," China Ocean Mineral Resource R&D Association, China's official body dedicated for exploration and development of the ocean floor and subsoil, stated.

Read: India's Modi to make first visit to rival giant China

Calling India an 'ideal partner', deputy director of the association He Zongyu said there would be numerous chances for cooperation between the two countries in the future as they are both developing countries and common contractors with the International Seabed Authority (ISA).

PHOTO: XINHUA

Deputy Director of the State Oceanic Administration, Chen Lianzeng, during his tour to India in April, suggested that not only should the neighbouring countries cooperate on oceanic research and development but also share the costs, risks and benefits of the project.

Deep seabed mining is high-cost and high-risk work, with costs for a mining site topping $1.6 billion, Lianzeng said.

Read: Indian Ocean to become India’s ocean: report

The early proposal from Beijing came in immediately after Jiaolong, China's deep sea-manned submersible reported large deposits of gold and silver were discovered in southwest Indian Ocean.

PHOTO: REUTERS

Modi is expected to hold formal and informal talks with Chinese President Xi Jinping and Premier Li Keqiang in Xi'an and Beijing, during his three-day visit to China on May 14.

This article originally appeared on Times of India