The world’s oceans represent 71% of the planet’s surface. Tapping into the seabeds for everything from cobalt, copper, nickel, silver, gold, or zinc holds tremendous upside for commercial mining. However, like mining on land, environmental concerns are front and center, and defining the rules of the game is becoming more urgent each day.
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Regulatory stability in any industry is critical for efficient and predictable growth. When firms have clearly delineated lines of what is allowable, the potential for litigation is low, and business can proceed in an orderly fashion. Deep-sea mining finds itself at a critical juncture, with the exploratory phase now complete and a need to determine how mining can or should occur moving forward.
Currently, deep-sea mining firms engage in what is known as “shallow-water” mining for minerals like diamonds or tin. The International Seabed Authority (ISA) is the United Nations regulatory body responsible for the exploitation and conservation of vast swaths of the seabed. Established under the UN Convention on the Law of the Sea, the ISA is supported by all 168 UN member states as well as the European Union. Since 2014, the ISA has been working to codify the regulatory parameters around deep sea mining, but the process has been slow.
Meanwhile, earlier in the year, a groundbreaking study revealed the presence of oxygen-producing nodules at the bottom of the Pacific seabed. This is a notable finding, especially considering the lack of sunlight normally needed to produce oxygen. Moreover, the nodules are the same types that mining companies seek. Polymetallic nodules are rich in nickel, copper, cobalt, and manganese, while polymetallic sulfides are deposits containing lead, zinc, gold, and silver.
The discovery of oxygen-producing nodules has prompted loud opposition to any potential disruptions to the seafloor. Countries have the right to exploit the natural resources within their sovereign territory and, if applicable, within their territorial sea. The regulatory waters get murkier in open seas that the UN stipulates belong to the “common heritage of mankind.”
The work continues at the ISA with expectations of rules adoption by July 2025.
