Consider the following statements: 1. The Global Ocean Commission grants licences for seabed exploration and mining in international waters. 2. India has received licences for seabed mineral exploration in international waters. 3. 'Rare earth minerals' are present on seafloor in international waters. Which of the statements given above are correct?

Option (b) is correct because India holds exploration contracts with the International Seabed Authority (ISA) for polymetallic nodules and sulphides in the Indian Ocean, which are known to contain significant deposits of rare earth minerals. Statement 1 is incorrect because the ISA, established under the UN Convention on the Law of the Sea (UNCLOS), is the actual body that grants mining licenses, whereas the Global Ocean Commission was merely an international initiative to address ocean health. This question tests the core concept of international maritime governance and the specific role of the ISA in managing deep-sea mineral resources.