As the demand for critical minerals mirrors the global thirst for oil, nations are seeking innovative extraction methods. One of the most unconventional locations being eyed is the ocean bed. Backed by the impending Trump administration, deep-sea mining might be on the cusp of a major breakthrough.
Nominees for the new administration have shown keen support towards underwater mining, a process that involves suctioning mineral-rich ‘nodular’ rocks from the seabed. These nodules comprise varying minerals, such as cobalt, nickel, and copper, which are indispensable components for data centers and the ongoing energy transition.
Nevertheless, this method of mining does not go without contention. Each move to disturb the sea bed could have decade-long repercussions for the unique life forms in these regions. Creatures inhabiting these dark depths rely on unusual sources for oxygen, including the nodules targeted for mining. The destruction of their habitats may cause irreversible damage.
Despite global concerns, a hunger for the minerals present in international waters persists. The Metals Company, U.S.-based and working with Nauru, a poverty-stricken South-Pacific island, has recently sought a permit from the UN-controlled International Seabed Authority to delve into these zones. However, some nations, including Canada, France, and the U.K., favour prohibiting such ventures.
Two critical players who’ll potentially regulate the practice of deep-sea mining are Trump’s appointees, Elise Stefanik, the proposed UN ambassador, and Marco Rubio, tipped to lead the State Department.
While the political landscape is supportive, the industry faces significant challenges. Battery manufacturers have begun distancing themselves from costly inputs like nickel and cobalt. If this tendency gains momentum, it might weaken demand, subsequently affecting the sector’s fiscal viability.
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