Data analytics and consultancy company GlobalData has warned that deep ocean mining faces serious difficulties. In a report it issued recently, it warned that attempts to mine the seabed at such depths were both technically difficult and controversial.
Deep ocean seabeds are thought to be liberally-sprinkled with nodules containing cobalt, copper, manganese and nickel. And the foundations for a deep sea-bed mining economy are already being laid. Sea-bed mineral activities in international waters are managed by the International Seabed Authority (ISA), which was set under the United Nations Convention on the Law of the Sea.
The ISA is hoping to release seabed mineral exploitation regulations by July this year, with a meeting in February 2021 to consider and develop further draft rules. Once the draft rules have been agreed, the ISA could issue seabed mining permits in two to three years, allowing operations to start within a further few years.