Agnico Eagle expands stake in First Nordic to 13%
First Nordic is finalizing its acquisition of the Oijärvi gold project in Finland.
Swiss Federal Council has called for a moratorium on deep-sea mining in the international seabed area due to concerns about its harmful effects.
The Swiss government stated that commercial exploitation should be postponed until more scientific knowledge is obtained and the marine environment can be adequately protected.
Switzerland will present its position at the upcoming session of the International Seabed Authority in Jamaica next month.
Other countries such as Germany, Spain, and New Zealand have also positioned themselves against deep sea mining until more scientific knowledge is obtained.
The ISA, however, has said it will start accepting applications next month from companies that want to mine the ocean’s floor.
Related: Researchers detect 5,000 species threatened by deep sea mining
“Switzerland is sending an important signal for the protection of the oceans and their biodiversity,” wildlife conservation group WWF said in a statement.
“We don’t need any raw materials from the deep sea. Circular economy, sustainable product design, the right to repair and efficient material cycles are the solution,” said Greenpeace after the decision.
Despite opposition from environmental groups, the CEO of The Metals Company (TMC) which has exclusive access to the Nori Clarion-Clipperton Zone (CCZ) polymetallic project, located 4,000 metres deep in the northeastern Pacific Ocean and ranked as the world’s biggest undeveloped nickel project, sees deep sea mining happening by the end of 2024.
“They talk about more science, but guess who’s doing the science? It’s companies like us,” said Gerard Barron.
