Korea has secured exclusive rights to explore and develop a deep ocean mine in the Indian Ocean that can produce over $300 million worth of minerals per year, the government said Monday.

At a general assembly held in Kingston, Jamaica last week, members of the International Seabed Authority unanimously agreed to recognize the country’s rights to the offshore mine that lies across an area of 10,000 square kilometers in the Indian Ocean, according to the Ministry of Land, Transport and Maritime Affairs.

South Korea has been exploring the area since 2009.

“The country’s securing the area is the result of combined and active efforts of the government and related agencies to expand and secure new overseas economic and resources territory amid intensifying competition for natural resources,” the ministry said in a press release.

The mine consists of hydrothermal vents that issue magmatic waters with rich minerals, including cooper, lead, gold and silver. (Yonhap News)