Quite some time has passed since the long-anticipated Part II of the ISA's 23rd session in July. It now seems appropriate to review what has transpired and what lies ahead objectively.
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It seems that the time has come for me to cover the future potential of deep seabed mining as it is only 6-7 months left until the deadline will expire which was just recently (almost two years ago) invoked by the Republic of Nauru.
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If you would be following the news lately, you probably noticed some movement in the deep seabed mining world. On June 25th, a small country in the Pacific Ocean sent a letter to the ISA (here) and requested to finish all the preparation for exploitation and commence deep seabed mining in two years’ time.
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The analysis of the draft agreement starts with the procedure for the exploitation permit. This procedure is an essential part that needs to be followed so the applicant could get permission to start exploitation activities.
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Exploitation is one of the three deep seabed mining phases which is still on the way. It is the final stage of deep seabed mining where the profit, the danger, the environmental concerns are all at their peaks.
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The protection of the marine environment is an essential part of the ISA's mandate. How the marine environment protection is ensured?
You might have started to wonder if the Area and deep seabed mining are so important to me and to everyone, how come you have heard nothing about it from the media? I will try to give you an answer.
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International Seabed Authority is what you get if you decode the ISA acronym. It is an international organisation that is essential for deep seabed mining: no mining could exist without its approval.
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The balance between the dangers of deep seabed mining and economic benefits is especially fragile. There are gaps in scientific information to measure precisely potential environmental harm, but it can be agreed that deep seabed mining will harm the marine environment. So, what harm is already foreseen? What are we putting at risk? Is it even something that we can risk for the precious material
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There is no exact value of the minerals that reside at the seafloor, but it is considered that the deep seabed mining industry could be worth 1trn USD to the US economy each year.
Resources at the Area are referred to as all solid, liquid or gaseous mineral resources in situ in the Area at or beneath the seabed. Minerals like manganese, nickel, copper, cobalt, just to name a few are used to build electric cars, mobile phones, batteries, etc.
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How come deep seabed resources belong to everyone? How can almost anyone dive and pick some? The answer is almost simple, it is because of principles that are governing the Area. Especially, the Common Heritage of (Hu)Mankind principle.
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The notion deep seabed mining implies that it is mining that occurs at the deep seabed. Deep sea is considered all sea areas below 200m which is basically 95% of the sea volume. Consequently, all mining below 200m is deep seabed mining.
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The deep seabed is rich with minerals that are needed to sustain our current technology demand and will be even more essential for further technology advancements.