Canada-based the Metals Company (TMC) is looking to apply for a deep-sea mining licence within the current year, reported Reuters, citing the company’s CEO, Gerard Barron.
The company’s intentions come as international discussions progress in Jamaica regarding the establishment of a regulatory framework for seabed mining.
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The International Seabed Authority (ISA), under the sponsorship of the UN, is convening to finalise a “mining code”.
This code will govern the extraction of polymetallic nodules and other seabed resources.
With the ISA council meeting until 26 July 2024, negotiators are looking to have formal regulations in place before any mining commences, with completion anticipated in the following year.
Barron was quoted by the news agency as saying: “The guidance we told the market is that we would lodge (our application) after the July (ISA) session.
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By GlobalData“We see no reason to change that. From our perspective, what we are looking for out of the current session is continual movement towards finalising the regulations.”
TMC’s move to secure a licence has sparked debate, particularly among environmental groups, which argue that deep-sea mining could lead to irreversible harm to marine biodiversity.
However, Nauru-backed TMC contends that seabed mineral extraction is less environmentally detrimental than land-based mining and is crucial for acquiring essential elements like nickel and cobalt for the energy transition.
Invoking the UN Convention on the Law of the Sea’s (UNCLOS) “two-year rule” in 2021, TMC has set a precedent that could allow it to submit a mining application ahead of the mining code’s finalisation.
The application process, once initiated, is expected to undergo a one-year review.
Recently, Hawaii joined three other US Pacific states in prohibiting seabed mining within its territorial waters.
