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concerned we proposed that a new mining company be formed. So our 

 company and DeBeers jointly own Ocean Mining A.G., nominally of 

 Zug, Switzerland, operated out of Washington, D.C., of which I 

 happen to be the managing director. 



With that company we set about exploring for other kinds of valu- 

 able materials under seas elsewhere in the world. We have been so 

 doing for 3 years now. We began with an intensive library study by 

 crackerjack geologists who determined where the most likely possi- 

 bilities were, then we took a quick look at them in the field, and began 

 the process of taking up concessions. Right now, if Dr. James' figures 

 are correct — that the continental shelf is about 1.3 million square 

 miles — w^e have concessions on one-half of 1 percent of it. 



So, we are fairly large landholders in the undersea deposits of the 

 world. These include deposits off Alaska, w^here Dr. James' parties 

 have been working; we have concessions in Australia, Tasmania, Phil- 

 ippness, Malaya, and hopefully soon in several other countries in the 

 world. 



We, of course, are a commercial venture. We spend our own money, 

 ask no assistance from anyone in the hopes of making money from the 

 minerals of the sea floor. We think our chances of so doing are very 

 good indeed. It means our point of view is rather different from that of 

 other people. 



We are not interested in the scientific aspects of this work or of what 

 the w^orld may do 10 years from now\ Our problem is how do we 

 survive as businessmen in this unusual sort of venture. 



There are already successful underseas and near-shore mines being 

 operated and have been for some years. It is said that undersea tin has 

 been mined off Indonesia since about 1810. It is not exactly rough 

 ocean, but it is beneath open salt w^ater. There are some very successful 

 tin mining ventures off Thailand these days and I have brought along 

 photographs of some of these dredges, as well as those working off the 

 Queensland coast. 



There, substantial beach deposits are being mined for titanium and 

 zirconium. There are a number of possibilities in various places for 

 gold, platinum, tungsten, and perhaps other metals. I am only talking 

 about shallow water inshore deposits. The ocean is a tough enough 

 place to work anyway, and you make it as easy on yourself as you can. 



The diamond deposits are all w ithin 1 kilometer of shore. Although 

 in some of the areas of Southeast Asia there is shallow water running 

 out for long ways we are not prospecting in greater depths than about 

 150 meters, possibly less than that, possibly 50 meters for the time 

 being. 



These days everything is technically possible. If you have enough 

 money and time and you are willing to make the effort you can do 

 just about anything you want to. 



Our problem is to compete in the marketplace. As we see it there is 

 no real relationship between whether minerals are mined undersea 

 or on land. The people who buy your ultimate product, whatever it 

 may be, gold, diamonds or tungsten or something, couldn't care less 

 where you get it from. It is just so many dollars for this material de- 

 livered to them. 



