Gerard Barron, the chairman and CEO of The Metals Company, is optimistic about his company’s ability to mine the seafloor for nickel, cobalt, and manganese in the Pacific Ocean. The debate surrounding deep-sea mining has been ongoing for years, with both proponents and opponents deeply entrenched in their views. This week, The Metals Company announced an ambitious timeline for moving forward with their mining project. Founded in 2011, the company raised $400 million from various strategic partners, financial institutions, and venture funds. It went public in 2021 via a special purpose acquisition company (SPAC) and aims to establish deep-sea mining as a profitable business.
Opponents argue that the ocean floor is home to unique sea life that should not be disturbed. On the other hand, supporters contend that the metal nodules found on the seafloor contain essential commodities necessary for clean energy transitions. They argue that collecting these nodules is a preferable alternative to mining on land in biodiverse regions or employing exploitative labor practices.
The Metals Company plans to submit an application for deep-sea mining after the July 2024 meeting of the International Seabed Authority (ISA), which governs 54% of the world’s oceans. The company anticipates a one-year review process, with production beginning in the fourth quarter of 2025. However, there are currently no established regulations or environmental standards in place for deep-sea mining. The Metals Company claims to be allowing sufficient time for these rules to be finalized, but opponents argue that the company is rushing ahead without proper consideration of collective efforts to regulate the deep seas.
There has been significant disagreement regarding the progress made during the most recent ISA delegate meetings in July. The ISA initially stated that they had made “significant” progress on mining regulations, but later corrected their projection. The Metals Company expressed support for the ISA’s efforts, while opponents, such as deep-sea marine biologist Diva Amon, disputed the reported progress.
The debate surrounding deep-sea mining is highly polarized. The polymetallic nodules targeted by The Metals Company contain valuable minerals like nickel, cobalt, copper, and manganese, which are in high demand for energy storage and electric vehicles in the move towards clean energy. The availability of land-based minerals is insufficient to meet this demand, and there is projected to be a deficit in cobalt and nickel by 2026 and 2027, respectively. A commissioned environmental analysis by Benchmark Mineral Intelligence found that deep-sea mining had better environmental performance compared to traditional land mining in several categories. However, the study did not account for biodiversity, and Benchmark Mineral Intelligence does not endorse deep-sea mining.
Other environmental assessments have raised concerns about the cost of restoring the seafloor and the potential irreversible damage caused by mining. Planet Tracker estimated that the cost of restoration would be higher than the revenue generated by selling the nodules. Opponents argue that the deep sea is home to a thriving ecosystem that should be protected.
Gerard Barron insists that time is of the essence in addressing the climate crisis and argues that deep-sea mining is a less harmful option than the alternatives. He highlights the negative environmental and social impacts of land-based mining, such as deforestation, biodiversity loss, and exploitation of indigenous communities and child labor. However, opponents argue that deep-sea mining is not a solution; it simply adds another source of minerals and does not address the underlying issues.
The International Seabed Authority has granted approvals for contractors to explore metals in the deep seabed, including the Clarion Clipperton Zone in the central Pacific. The future of deep-sea mining remains uncertain, with ongoing debates and a need for comprehensive regulations and environmental standards.
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