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  • China may start mining on the ocean bottom

    News: China may start mining on the ocean bottom

    China may become the first country in the world to start mining on the ocean bottom,  if the relevant international rules governing such activities will be approved in July 2020, the main news of the metal market

    This statement was made by Michael Lodge, head of the International Seabed Authority (ISA), the International Seabed Authority, an intergovernmental organization established by the United Nations Convention on the Law of the Sea to organize and control the exploration and development of the mineral resources of the international seabed area beyond national jurisdiction.

    The interest of Chinese (as well as European and Middle Eastern) companies is primarily caused by ferromanganese lodes that cover individual sections of the ocean bottom. They also contain nickel, cobalt, copper and other metals used, in particular, for the manufacture of batteries for electric vehicles.

    ocean mining

    Unresolved issues of ocean bottom mining

    As noted by Michael Lodge, one of the unresolved issues remains the size of royalties for mining in international waters. It is assumed that the recipient of these funds will be ISA. Also, after approval of the rules, it will take about 2-3 years to obtain production permits. News will be soon.

    At the moment, there is no example of the successful mining of underground ore from the ocean bottom. The Canadian company Nautilus Minerals, which tried to mine copper and gold in the waters of New Guinea, become bankrupt in the first half of 2019. However, many companies continue to research in this direction and develop technologies.

    News and market research links

    Our company product list: https://tradingwm.ae/product-category/metal-products/non-ferrous-metals/copper-metal-products/

    Copper Price, news LME https://www.lme.com/en-GB/Metals/Non-ferrous/Copper#tabIndex=0

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