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Cobalt and Rare Earth Metals from the Ocean Floor Eyed to Meet Growing Battery Demand
(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)
The pursuit of seabed minerals, including polymetallic nodules containing nickel, copper, cobalt, and manganese is being driven by growing demand for batteries to power electric cars and to store wind and solar energy. Discoveries of rich deposits on the seafloor and advances in technology are generating renewed interest in seafloor mining. The International Seabed Authority (ISA), representing 168 countries as the trustee of the mineral resources of the deep seabed, has approved 30 contracts for exploration in international waters. These contracts encompass 0.7% of the world’s seabed. ISA is currently developing exploitation regulations for deep-sea marine minerals. Technology advances, including remotely operated vehicles, robotics, and communications technology, make deep-sea mining more feasible, the deep ocean is starting to look increasingly attractive. We look at the bull and bear arguments for opening the ocean seafloor to mining.
