The push to accelerate deep-sea mining
Photo courtesy by Charles Frederick/Wikimedia Commons/Holder
In an effort to accelerate and encourage deep-sea mining and exploration, President Donald Trump has moved to grant a record number of permits to companies searching for critical minerals, as reported by Reuters. As China continues to gain ground in its control of critical mineral supply chains, the Trump administration, with the support of several congressional Republicans, is striving to ensure that the United States is not dependent on a foreign adversary for such minerals, as detailed by Roll Call. The recent executive order is intended to “establish… the U.S. as a global leader in seabed mineral exploration and development both within and beyond national jurisdiction,” as reported by Time Magazine.
As a result of this new executive order, the National Oceanic and Atmospheric Administration (NOAA) will allow eligible companies to seek the necessary permits and licenses at the same time. In a statement by NOAA administrator Neil Jacobs, he stated that the initiative would enable “U.S. companies to access these resources more quickly, strengthening our nation’s economic resilience and advancing the discovery and use of critical seafloor minerals.”
With demand surging for minerals such as lithium, cobalt, and nickel, companies such as The Metals Company, a Canadian mining firm, are stepping up to obtain permits and work with the Trump administration to mine in international waters, as first reported by Time. Depending on the outcome of The Metals Company’s application for permits, it could embolden other corporations to follow suit and begin fulfilling global demand for critical minerals, according to the World Research Institute.
While once conceived as being an almost impossible undertaking, developments in technology such as electric vehicle (EV) batteries and the green energy transition have revived interest in the practice, as noted by Roll Call. Proponents of deep-sea mining detail that the practice would decrease the need for land-based mining operations, which can have harmful effects on the environment, and could avoid the human rights abuses that are often associated with land operations.
However, critics of the move argue that the costs outweigh the benefits with an investigation by DW confirming fears that deep-sea mining could destroy an already very fragile and unknown part of the Earth. In the report, marine biologist Diva Amon states that “the deep sea is one of the most biodiverse places on the planet” and is home to numerous species that are largely unknown to humans. In fact, “about 90% of deep-sea species still lack formal names,” stated Amon, adding that mining the seafloor could cause irreversible damage. A study conducted by The Metals Company found that test mining in the Pacific would lead to biodiversity loss and reduced seafloor abundance by more than a third.
Amon is not alone in her concerns, as another report published by the World Research Institute puts forth a similar belief that the practice would most likely kill deep-sea organisms, destroy their habitats, disrupt ocean currents, and even cause extinction for some of these species. The lack of knowledge regarding the deep sea has pushed over 30 governments to establish a moratorium on the practice to allow for further research and discovery, according to Peter Thomson, UN Special Envoy for the Ocean.
Despite this moratorium and a pledge from more than 20 financial institutions not to finance deep-sea mining, DW has reported that some of these institutions have invested at least 684 million dollars in ocean mining companies. Investors include Deutsche Bank, UBS, and Credit Suisse alongside prominent individuals such as Jeff Bezos, Bill Gates, and Sam Altman.
These investments reflect the significant financial stakes associated with this industry and the lucrative returns that come from acquiring these minerals.
The pursuit of these materials has been seen as a double-edged sword when considering how to sustain the demands of a rapidly advancing world while also protecting our planet’s fragile ecosystems. As the deep sea continues to be explored and understood day-by-day, decisions today could determine whether this initiative results in prosperity or irreversible damage to humanity’s last unexplored part of the globe.