SMS deposits are composed principally of sulphide minerals: iron [Fe : pyrite, marcasite], zinc [Zn: sphalerite], copper [Cu : chalcopyrite], lead [Gn :galena] and lesser amounts of other metals [Au, gold; Ag, silver] as well as other secondary forms of copper and zinc minerals.  Certain particularly copper rich types may also contain significant levels of “platinum group metals/elements” [“PGM or PGE”: platinum (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), osmium (Os) and Iridium (Ir)], as documented at the “Satanic Mills” and “Roman Ruins” vent sites in the Pacmanus hydrothermal field, Papua New Guinea. The proportions of the various metallic minerals varies enormously between deposits, some being dominated by iron minerals of no commercial interest, others by copper, zinc and other potentially commercially valuable metals such as gold, silver and PGE.

With the exception of the Falkland Islands there is at present no specific legislation in place with regard to the application for and granting of licences for the exploration or extraction of natural resources (hydrocarbon and mineral) in the South Atlantic either offshore or onshore. However AHL has over the past two years been actively lobbying both the St Helena Government (SHG) and the UK Government (HMG) via the Foreign and Commonwealth Office (FCO) and Parliament requesting that all necessary legislation be put in place with the minimum of delay. It has been agreed in principle that there will be a Tender process for SMS exploration on the sea bed around the South Atlantic Islands of Ascension, St Helena and the Tristan da Cunha archipelago. HMG applied to the UN for the Exclusive Economic Zone around Ascension Island to be extended to 350 miles and whilst this application was rejected initially, it is thought likely that HMG will appeal against the decision. AHL is also encouraging HMG to apply for the Exclusive Economic Zones around St Helena, Tristan da Cunha and its associated islands to be extended in a similar fashion.

In order to benefit from the as yet unexploited mineral wealth that is thought to lie undiscovered on the South Atlantic Ocean floor Obsidian Minerals with its partner the University of Bristol aims to carry out new research to develop new technologies to detect inactive hydrothermal fissures/vents (former black smokers) on the ocean floor.

Obsidian Minerals will tender for preliminary licences in the South Atlantic Ocean for the exploration of minerals. It is relevant to mention that parts of the South Atlantic, in particular Ascension Island where there is a US Air base, is strategically important to both HMG and the US Government (USG). It would appear that HMG, USG and the local US military would not welcome strangers into their midst.  AHL, RJI, OGL, Ascension Island Management Services and many of the founder shareholders are all known to HMG, FCO and the local governments. This fact coupled with the perception that AHL as a group would not do anything that would compromise the sensitive nature of the area could be regarded as a plus point when it comes to the granting of exploration licences and such like in this region.  Few other companies or people are held in this high regard.

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