The International Seabed Authority and Global Sea Mineral Resources NV (GSR) of Belgium signed a 15-year contract for prospecting and exploration for polymetallic nodules on 14 January 2013. Under the contract, GSR will have exclusive rights for exploration for polymetallic nodules over 76,728 square kilometers of the seabed in the eastern part of the Clarion-Clipperton Fracture Zone of the Central Pacific Ocean. The company’s application for a seabed exploration license was approved by the Council of the Authority on 26 July 2012. The application is sponsored by the Government of Belgium.