The chairman of the International Seabed Authority, the U.N. agency in charge of supervising deep-sea mining, believes that mining the ocean floor for precious metals is probably just a matter of time.
Global interest in deep-sea mining has increased to levels not seen since the 1970s, according to Michael Lodge, secretary-general of the ISA, who spoke with CNBC. Proponents are obviously thrilled about the industry’s potential contribution to the energy transition.

“One of the main drivers of industrial interest is the potential to produce larger quantities of minerals at equivalent or lower cost to what can be produced on land,” Lodge told CNBC via videoconference.

“That’s the commercial driver and certainly there is vast resource potential in seabed minerals. The question is whether they can in the end be produced economically,” he added.

“But the resource potential is absolutely there. This is clear. The technology is advanced, so it seems like it is possible. And at the same time, it is very clear also that demand for minerals is increasing exponentially and is only going to continue to increase.”

His remarks coincide with the ISA’s preparations for next month’s scheduled deep-sea mining talks in Kingston, Jamaica. In the upcoming meeting of the seabed watchdog, a regulatory framework that, if approved, would permit deep-sea mining for commercial purposes will be hammered out.

A region that encompasses about 54% of the world’s seas is governed by the International Seabed Authority (ISA), which was founded thirty years ago. Together with the European Union, the group has 168 members. The United States is not an ISA member.
It is difficult to say for sure that it would be as harmful as some people think because it hasn’t been done yet.

Utilising massive gear, deep-sea mining is a contentious method of extracting minerals and metals from potato-sized nodules on the ocean floor, including cobalt, nickel, copper, and manganese. These minerals are used in many different applications, including as solar panels, wind turbines, and batteries for electric vehicles.

The entire environmental effects of deep-sea mining are unpredictable, according to scientists. On the other hand, environmental advocacy groups assert that the practice is unsustainable and will eventually result in the extinction of species and the devastation of ecosystems.

Marine ecosystems

Notably, the Norwegian parliament just decided to accept a government plan to allow commercial deep-sea mining throughout a sizable portion of the ocean. The move announced the Nordic nation’s plan to start deep-sea mining operations in its territorial seas close to the Svalbard archipelago.

Indeed, the Norwegian government has no plans to begin mining exploration right now. Rather, mining corporations will have to submit requests for licences, which parliament would vote on individually.

In response to the question of whether it would soon be inevitable for nations to start deep-sea mining, ISA’s Lodge said, “Clearly now, we are reaching a very high level of interest so I would say that yes it seems inevitable.”

“Whether that takes place in international waters, or in national waters, whether that be Norway or another country, that’s impossible to say,” he added. “It depends in part upon the terms and conditions I suppose.”

The 36-member ISA Council has previously stated that it plans to keep working on deep-sea mining laws, with the goal of completing the measures by July 2025.

Global corporations including Google, Samsung, and Volvo have vowed not to extract any minerals from the seabed, and 24 nations have so far called for a ban or suspension on the sector.

The ecosystems of the seas are poorly known. Protesters worry that deep-sea research and development operations may irreversibly change a habitat that is exclusive to numerous, as-yet-undiscovered species.

“It hasn’t been done yet so it is very hard to say conclusively that it would be as destructive as some people claim that it would be,” the ISA’s Lodge said.

“It is a very deliberate and slow process. Exploration has been going on in excess of 30 years now, so a great deal of information and data has been gathered. The technology is still developing, the more recent results of technology tests have been extremely encouraging in terms of being actually very low impact compared to other forms of mining.”

“Desperate Situation”

There is no indication that the demand for energy transition minerals will abate in the near future.

However, the International Energy Agency has cautioned that the current supply is insufficient to completely overhaul the energy industry. This is because the manufacturing of several energy transition materials is concentrated in a comparatively large geographic area.
The government’s decision to proceed with deep-sea mining, according to Norwegian Energy Minister Terje Aasland, told CNBC last month that it was a necessary step into the unknown that might help challenge China’s and Russia’s dominance in the rare earth market.

“We’re in a fairly desperate situation,” Lodge said, citing the IEA’s expectation that demand for critical minerals is set to increase rapidly in the coming years.

“We’re nowhere close to meeting those targets at the moment with current land-based reserves. Even with the rapidly increased production that’s taking place in countries like Indonesia, we’re still nowhere close,” he added. “And permitting times, for example, in North America, for a new mine are in the order of more than a decade so it is very difficult.”

(Adapted from CNBC.com)