Gerard Barron, chairman and CEO of The Metals Company, has expressed his hopes that his company will be able to mine the seafloor for nickel, cobalt, and manganese in the Pacific Ocean. The debate surrounding deep-sea mining has been ongoing for years, with strong opposition and support from both sides.
The Metals Company, founded in 2011, raised $400 million from various partners and went public in 2021. They aim to establish deep-sea mining as a business, arguing that collecting metal nodules from the ocean floor is more environmentally friendly than mining them on land.
Opponents argue that the ocean floor contains unique sea life that should not be disturbed, while supporters contend that the metal nodules are essential for the transition to clean energy. The Metals Company intends to submit an application to mine the deep seafloor after the July 2024 meeting of the International Seabed Authority (ISA), which governs a significant portion of the world’s oceans.
However, there are currently no regulations or environmental standards in place for deep-sea mining. The Metals Company claims to be leaving ample time for these rules to be finalized, but opponents argue that the company is rushing ahead without collective consensus.
The recent ISA delegate meetings in July resulted in conflicting interpretations of the progress made. The Metals Company applauded the “consensus decision” reached, while opponents disputed the accuracy of the reported progress.
The deep-sea mining debate is deeply polarized due to the opposing views on the environmental impacts and the necessity of the metals. The Minerals Company argues that the demand for land-based minerals outweighs supply, and the environmental impact of deep-sea mining is lower than traditional land-based mining. However, other environmental assessments raise concerns about the cost of restoring the seafloor and the potential irreparable damage to the ecosystem.
The Metals Company’s CEO, Gerard Barron, believes that mining the deep seafloor is a less damaging alternative than not having access to the metals needed for the clean energy transition. He argues that land-based mining practices are detrimental to the environment and involve exploitative labor practices. Opponents argue that deep-sea mining will not replace land-based mining but add another source of minerals.
The International Seabed Authority has granted approvals for contractors to explore metals in the deep seabed, including The Metals Company, which holds licenses for polymetallic nodules in the Clarion Clipperton Zone.