Articles for tag: 560bn, deep, extraction, land, mining, report, risks, sea

November 24, 2024

Ron Finklestien

mining

Exploring Deep Sea Mining’s Threat to $560 Billion in Terrestrial Resource Extractions — Study Findings

Deep-Sea Mining Insights: Financial Gains and Environmental Concerns The recent nomination of Elise Stefanik as the U.S. ambassador to the United Nations by President-elect Donald Trump has sparked renewed discussions around deep-sea mining. Stefanik advocates for securing crucial minerals, particularly those extracted from polymetallic nodules, which are potato-sized rocks found on the ocean floor. Located at depths between 4 to 6 km (2.5 to 4 miles), these nodules are plentiful in the Clarion Clipperton Zone (CCZ), where Canada’s The Metals Company (NASDAQ: TMC) holds two exploration contracts. Warning Signs from Environmental Groups The Planet Tracker report was released just as

May 23, 2024

Ron Finklestien

mining

US Congress to fund $2m Pentagon study on deep sea mining

The process, however, will only begin once the annual defense budget is signed into law later this year. The Pentagon has also been commissioned by Congress to provide a roadmap on how the US could source and possibly process critical minerals. In March, Representatives Carol Miller (R., W.Va.) and John Joyce (R., Pa.) introduced a bill to Congress pushing for the development and financing of deep-sea mining in the U.S., while 30 Republican members of Congress had written a letter last year to US Secretary of Defense Lloyd Austin urging American support for the sector. “This is a big step

February 19, 2024

Ron Finklestien

mining

Deep-Sea Mining: Navigating the Unpredictable Waters Deep-Sea Mining: Navigating the Unpredictable Waters

The Push for Deep-Sea Mining As the International Seabed Authority (ISA) prepares for discussions on deep-sea mining, industrial interest in the potential for large-scale mineral production intensifies. John W. Lodge, the Jamaican representative to the ISA, voiced the allure of cost-effective mineral extraction from the ocean floor. This commercial interest gains further momentum as Norway becomes the first nation to authorize seabed mining exploration in its territorial waters. The confirmation by Norway’s parliament signals a significant step toward the widespread implementation of deep-sea mining activities. The Bounty Below the Waves The allure of deep-sea mining stems from the valuable metals

January 25, 2024

Ron Finklestien

mining

BHP’s Strategic Diversion from Red Sea Route BHP’s Strategic Diversion from Red Sea Route

BHP, a global resources company, has taken a bold and strategic move to divert its shipments away from the Red Sea, a key shipping route. The company announced in a statement published by Reuters that the majority of its shipments do not traverse this route. According to The Wall Street Journal, BHP’s shipments from Asia to Europe will now follow the path taken by Danish shipping company Maersk, skirting the Red Sea in favor of the Cape of Good Hope at the southern tip of Africa. This pivot by BHP follows similar decisions made by other industry giants, including oil majors Shell, BP,

January 9, 2024

Ron Finklestien

mining

Norway’s Arctic Ocean Deep Sea Mining Approval Norway’s Controversial Approval of Arctic Ocean Deep-Sea Mining

As Norway greenlights deep-sea mining in the Arctic Ocean, it is anticipated that an agreement on deep-sea mining in international waters could follow later in the year. The move by the European country, typically esteemed for vast oil and gas reserves, aims to diversify its economy away from fossil fuels. However, it has placed the country at odds with the EU and the UK, which have called for a temporary ban on the practice due to concerns about environmental effects. The Norwegian government announced, “We’ve mapped vast areas in the northern Norwegian Sea since 2017. We’ve taken samples and collected