Per the Payne Institute for Public Policy at the Colorado School of Mines, hundreds of former leaders are calling for the U.S. Senate to ratify the UN Convention on the Law of the Sea (UNCLOS) to open up deep sea mining of critical minerals needed for clean energy and military technologies. Minerals include cobalt, nickel and rare earths. Recent technology advances and new companies are making extraction economically feasible for the first time.
The U.S. has yet to ratify UNCLOS. This bars U.S. companies from deep sea mining and has led to dominance of exploration permits by China and Russia. They have won 9 permits, including in areas claimed by the U.S. By ratifying UNCLOS, the U.S. can bolster mineral supply security/national security.
Reliable critical mineral supplies are increasingly important for the economy and security. They are needed to meet clean energy needs, including electricity infrastructure, electric vehicles and renewable energy, also for defense applications, particularly electronics. China dominates extraction/processing of most critical minerals; the U.S. is a major importer.
Governance of deep sea mining depends on location. Under UNCLOS, seabed resources within exclusive economic zones are governed by the relevant nation. Norway recently became the first country to authorize mining of such resources in their jurisdiction, but most resources are outside these zones.
In late 2023, the U.S. initiated an extended continental shelf claim into the Arctic/Pacific oceans, claiming jurisdiction over seabed mining for certain areas beyond its exclusive economic zone as outlined in UNCLOS. China/Russia have challenged this claim since the U.S. hasn’t signed UNCLOS.
The future of deep sea mining remains uncertain. There are technical, economic, regulatory, environmental and political challenges. The fragile ecosystem requires best practices to limit impacts. However, potential benefits are significant, also the geopolitical stakes of establishing a leadership position.
MOSIMTEC has significant experience in the mining industry. For a metals/mining company, we developed a detailed global supply chain model to evaluate the feasibility of a new mine related to supplying the material and infrastructure to construct the port, railway and mine. For a platinum group metals producer, we supported development/analysis of a smelter facility to support decision making of major renovations and planned upgrades at the metallurgical complex.
MOSIMTEC can help your company boldly go where you haven’t gone before. Implementing big ideas, like deep sea mining, requires ingenuity, dedication, hard work and more. MOSIMTEC simulation modeling can help. You can test options virtually using digital twins to see what works best and what doesn’t before implementing in real life. MOSIMTEC industrial engineers/data scientists can help you future-proof your business.
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Read More: https://payneinstitute.mines.edu/us-ratification-of-the-ocean-treaty-will-unlock-deep-sea-mining/