Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
The body representing the mining industry in Canada’s Nova Scotia has released a report that recommends $19.5 million be invested in geophysical surveys to help find future mines and quarries.
“This needs assessment report is the first step toward building a minerals version of Play Fairway – a free, best-in-class database of geophysical knowledge that will help attract investment and job creation to Nova Scotia,” said Sean Kirby, Executive Director of the Mining Association of Nova Scotia (MANS).
Report is the first step toward building a minerals version of Play Fairway – a free, best-in-class database of geophysical knowledge that will help attract investment and job creation.
“The oil and gas Play Fairway was a made-in-Nova-Scotia success story and copying it for the mining industry would help the industry grow and create jobs,” he noted.
Nova Scotia’s mining and quarrying industry employs 5,500 people, mainly in rural areas, and generates $420 million per year in economic activity.
“Offering free geophysical data to exploration companies is a common and effective way of attracting interest and investment,” said Kirby. “However, much of the data in Nova Scotia’s database dates from the 1980s and the technology to conduct surveys and process the data has improved immeasurably in the decades since. Put simply, Nova Scotia’s geophysical database is like a rotary telephone in a wireless world. We need to modernize it.”
The needs assessment was conducted by geophysical consulting firm Paterson, Grant & Watson Ltd. (PGW). With 45 years of experience in mineral and oil and gas exploration, Toronto-based PGW are recognized global experts in geophysics and have conducted similar projects for companies and governments around the world.
