Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Despite the challenges that deep sea mining faces, there are lots of companies interested in getting a licence to explore the seabed for minerals, oil and precious metals.
A group of scientists is asking international authorities to temporarily halt the approval of new underwater mining contracts until further environmental controls are put in place.
In a paper published Friday in Science, the experts ask the International Seabed Authority (ISA), which is the arm of the United Nations Convention on the Law of the Sea that governs mining in international waters, to first come up with environmental regulations on the emerging industry.
Miners have been eyeing vast copper, gold and rare earths deposits on the seafloor. But, until now, only Canadian Nautilus Minerals (TSX:NUS) has made enough progress as to forecast it may start digging up copper and precious metals from its Solwara 1 project around Solomon Islands, east of Papua New Guinea, by 2017.
Environmentalists have attacked this and other projects. They argue that mining should be prohibited globally, but in specific areas of the ocean floor, as the activity could upset parts of the world that are essential to the absorption of carbon dioxide, causing long-term damages to the environment.
“These ecosystems do not recover — they just don’t,” Jack Kittinger, one of the paper’s authors and director of Virginia-based Conservation International told The Washington Post. “We’re talking geologic time here because it’s so deep and so cold.”
While the exact effects of long-term or extensive mining on the ocean floor remain unclear, a group of European scientists is already researching the topic, and the results of their studies may be coming soon.
8 Comments
Emerson Hopfmann
The United Nations “Law of the Sea ” treaty that is being promoted for acceptance and ratification by the United States Senate is a very bad deal that only serves to advance the cause of communism and one-world unlimited government. The United Nations has no more right to own “international waters” than I do. Get the US out of the UN, and get the UN out of the US. Otherwise, all liberty will be lost.
Art Easian
The shark with the diver is pure propaganda. What rot.
Deep sea mining waste discharge occurs at the very bottom of the water column and disturbs only the worms. It has a tiny footprint. ENGOs just see it as a fund raiser to pad their pensions.
Rob Bowell
I work in the mining industry but I have to say I disagree with others. We know so little about the floor of the sea and until we do, it is better we did not destroy it.
The mining industry has grown into a highly professional and conscientious industry- probably more sensitive to environmental concerns than any other and we have developed an excellent record over the last decade- barring the odd hiccup- of management of operations. We need to ensure we do not corrupt that by rushing into areas we know so little about. Nematodes and worms may not be that interesting to some, but they can be the building blocks of an entire ecosystem. Impacting them could have repercussions we cannot currently predict because we do not have the information to evaluate the impacts. I think postponing any human activity in the deep sea is a good idea until we know more.
Geoduck
Fact: Mining at +1000 m ocean depths will have much less environmental impact than mining on the surface.
Fiction: The picture of a scuba diver and a shark have nothing to do with this story.
John Haakman
Is that a Great White Sir Jackie, aye Jim, Its a grate day for Sharks.
LAMB
And who/what government or International Agency will police any new Environmental Laws for Ocean Mining? How would they do it, by submarine?
Same comment for ‘Space Mining’, no one to oversee that the environment is protected, be it Ocean or Deep Space. Humans have already deposited tons of Trash that orbits Earth today. Lets not do the same to the Oceans of our world.
Jake Small
where are the petitions to support the activists against this mining? there needs to be a large push backing these scientists from people saying they won’t allow this planet to be ripped apart from the inside out just the way we’ve done (and continue to do) from the outside in… someone please post a link for a petition….
Dylan E McFarlane
I read the report stating ‘regulatory framework could be improved’ and recommending to take the ‘precautionary approach’. These are valid points; it is not suggesting a TOTAL BAN on deep sea mining like some believe. I agree that high-grade undersea mining could be less risky than large-scale, low-grade surface mining in complex, remote, challenging conditions (think Pebble); it could also be more risky (how much don’t we know about the sea floor?). It’s impossible to know unless we try, and UNCLOS is clear that these resources are ‘the common heritage of mankind’ and as such must be managed for future generations, balancing economic, environmental and social considerations. Marine protected areas have proven successful at rejuvenating degraded ecosystems and miners should work with them. The article and this discussion is not a ‘yea or no’ vote on deep sea mining (it’s been happening for centuries, and it’s simply advancing now) but on how to responsibly develop and regulate those mining projects. I support that as I support other responsible and sensible ideas for the industry. I hope Nautilus is successful!