The race to mine the ocean floor is heating up as the International Seabed Authority (ISA) prepares to finalize the world’s first underwater mining code. With the potential for deep-sea mining to begin as soon as July, companies like The Metals Company are eager to capitalize on the rich mineral deposits that lie beneath the ocean’s surface.
The Metals Company, a NASDAQ-listed corporation, is set to apply for a license to mine seafloor polymetallic nodules in the Clarion-Clipperton Zone of the Pacific Ocean. These nodules contain valuable metals such as cobalt, nickel, copper, and manganese, essential for the renewable energy industry. Despite environmental concerns surrounding deep-sea mining, companies and nations are racing to secure access to these critical minerals.
Norway recently became the first country to approve seabed mining in its waters, citing the need to counter China and Russia’s dominance in critical minerals and support the global energy transition. With China also intensifying its efforts in deep-sea mining, the international competition for these valuable resources is fierce.
While China holds the most exploration contracts issued by the ISA, the United States is noticeably absent from the list of players. However, with the introduction of a bill proposing federal support for US processing of seafloor nodules, the US aims to reduce its dependence on China for critical minerals and strengthen its position in the global market.
As the ISA continues to develop regulations for deep-sea mining, the international mix of players and their motivations highlight the complex and competitive landscape of underwater resource extraction. The future of deep-sea mining holds both promise and challenges as nations and companies navigate the race to the bottom of the ocean floor.
