Deep-sea mining companies prepare for controversial licenses

Companies are preparing to start deep-sea mining for critical minerals needed in electric vehicle batteries and other green technologies. This comes as debates continue over whether to mine untouched ocean ecosystems, which are rich in biodiversity. For over ten years, the International Seabed Authority (ISA), linked to the United Nations, has been working on mining regulations under a 1982 treaty. A meeting in Kingston, Jamaica, is taking place this week, with a deadline in July to finalize the rules. However, without a clear regulatory framework, some mining companies, like The Metals Company (TMC) from Canada, plan to apply for mining licenses as soon as June. Tensions are rising as many countries are pushing for strong environmental protections before any mining begins. Critics warn that rushing into mining could harm marine life. Matthew Gianni, a long-time observer of the ISA, noted that significant issues, such as protecting marine ecosystems and establishing royalty tax rates, are still unresolved. Mining companies argue that the lack of clear regulations makes it hard for them to invest in projects. Eight firms expressed their frustration in a letter to the ISA earlier this year. Presently, around 2,000 points in the draft regulations remain contentious. If no agreement is reached soon, the ISA may face legal challenges from mining companies. The ISA was created in 1994 to manage the exploitation of resources in international waters while also protecting the environment. It holds authority over 54% of the ocean floor and has already granted contracts for mineral exploration. However, actual mining cannot start until the ISA issues licenses. The first target for potential mining is the Clarion-Clipperton Zone in the Pacific Ocean, which has large deposits of polymetallic nodules. These nodules are rich in minerals like cobalt and nickel, essential for electric vehicle batteries. Studies show that a significant portion of marine life in this area relies on these nodules, and little is known about many species that inhabit the region. Recent political changes have affected the deep-sea mining debate. A new secretary-general of the ISA, Leticia Carvalho from Brazil, has taken office and aims for transparency in governance. Her approach could slow down discussions, which some environmental groups welcome, while certain mining companies hope for quicker resolutions. The U.S. has played a significant role in shaping international mining policies. Although it hasn't ratified the Law of the Sea treaty, it observes ISA meetings and influences decisions. Some mining leaders believe the current U.S. administration will push for faster adoption of regulations. Meanwhile, countries like China are advocating for mining regulations to be approved soon. China leads in exploration contracts and plans to conduct mining tests in the Clarion-Clipperton Zone this year. Other nations, including Indonesia and a Silicon Valley startup named Impossible Metals, are also interested in deep-sea mining and intend to apply for exploration licenses. With ongoing discussions over regulations, it remains uncertain when the first mining could actually commence.