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Mining the seafloor for key minerals and metals could negatively impact the industry, resulting in $500 billion of lost value and causingThe quest for substitutes for fossil fuels has increased the need for metals used in the batteries that power electric vehicles and in green-energy applications. Minerals and metals such as cobalt, nickel, copper and manganese can be found in potato-sized nodules on the ocean floor.
“For the deep sea mining sector, focusing only on polymetallic nodules in international waters, the cost would reach $35 billion-$49 billion of value destruction,” Mosnier said. Put simply, the deep-sea mining industry would not beat the cost of the capital it requires to exist, he said. It also urges investors to focus on nature preservation rather than resource extraction a repeats its call for a moratorium on deep-sea mining.While the International Seabed Authority has yet to set rules for the extraction of minerals and metals from the ocean floor, there already is a country that doesn’t need to wait: Norway.
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