Exploration and extraction of mineral resources expand to ocean floors: the century's epic gold rush amidst the deep sea
In the vast, unexplored territory that makes up 70% of our planet, a new race for resources is unfolding. The seabed, rich with minerals like lithium, copper, and manganese, has become the latest frontier in the insatiable hunger for natural resources that fuels consumer society.
Small rocks called nodules, found at thousands of meters below the water's surface, are believed to contain more of these minerals than all terrestrial reserves combined. This has sparked a frenzy of activity, with nations and companies vying for a piece of the action.
Norway has recently approved a law that opens the door to the exploitation of its jurisdictional waters, joining countries like China, which holds the most exploration licenses (5) in this sector. The International Seabed Authority (ISA) is expected to approve a regulation for commercial exploitation of seabed minerals this year.
However, the debate on the equitable distribution of profits and who benefits from seabed mining activities is ongoing. The question of a potential privatization of the ocean floor is a contentious issue, with concerns that developed nations and some emerging economies actively involved in deep-sea mining ventures will reap the majority of the benefits.
Environmental groups are calling for a moratorium on mining activity until the impact is known. Their concerns are shared by companies like Google, Samsung, Volvo, BMW, and 24 States, including Spain. Juliano Palacios, a researcher at British Columbia University, has prepared a study focusing on the Pacific that highlights potential impacts on the entire water column.
The fishing sector has also shown concern about the potential impact of seabed mining on fisheries. Walter Sognnes, co-founder of the company LOKE, holds 2 of the 31 exploration licenses issued by the ISA to explore the possibilities of the seabeds in international waters.
The war in Ukraine and energy dependence on Russia have raised concerns about relying too heavily on China for resources. Siam Owen points out a conflict of interest within the ISA, as it has a mandate to explore the seabed for mining and protect it. The European Parliament has approved a resolution calling for a pause at an international level, adding to the growing chorus of voices calling for caution.
As the Assembly of the ISA meeting approaches, scheduled for the summer in Kingston, Jamaica, the future of seabed mining remains uncertain. With the potential for immense wealth and environmental destruction, the race to the seabed floor promises to be a complex and contentious one.
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