The UN International Seabed Authority (ISA) has opened up massive new regions of the ocean floor for mining companies to search for and dig up valuable minerals including copper, gold and manganese by issuing seven new exploration licences. State-owned and private companies from the UK, Germany, India, Brazil, Singapore and Russia are among those to benefit.
Seabed Resources, an English subsidiary of the US defense giant Lockheed Martin, has secured exploration rights to an area larger than the entire UK, likely to perfect remote mining techniques and technology for off-world one day.
Since 2001 ISA has issued 30 exploration permits for the Pacific, Mid-Atlantic and Indian Oceans. But the body says there has been a rush as of late. But ISA says there has been a rush as of late, with numerous private firms applying not only for mineral, but also for oil and gas extraction permits. The total area of seabed open for mining has reached 1.2 million square kilometers divided up among 26 different permits for minerals prospecting.
Nautilus Minerals is currently leading the race to open the first seabed mine. In a deal arranged outside the ISA system, the company overcame several difficulties until it reached an agreement with the Papua New Guinea government to move forward with its Solwara 1 gold, copper and silver underwater project, located in the Bismarck Sea.
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