Seabed Rare Earth and Cobalt Mining Might Happen, WEF Opens Up Mining Dialogue

To meet the growing demand for critical minerals such as rare earth, cobalt, nickel, lithium and other minerals, WEF opens up a deep-sea mining dialogue. The growing demand for minerals critical to electric vehicle, electronics and battery manufacturers could become commercially available within this decade. Significant public and private investment have gone into how to extract cobalt, nickel, lithium and other minerals from the deep seabed. However, more than 80 non-governmental organizations have voiced concerns about the dangers of commercial extraction.

A new briefing paper, “Deep-Sea Minerals: What Manufacturers and Markets Need to Know”, highlights why mineral sourcing manufacturers and metal markets need to engage now on the deep-sea mineral discussion.

The article highlights responsible sourcing considerations for companies that use or exchange metals and minerals, complementing existing reports on the gap between mineral supply and demand as well as the lack of scientific understanding of the deep sea and the potential impacts of mineral extraction. It underscores a trend of manufacturers and metal markets increasing their attention on the environmental and social conditions of the minerals they source. It the first in a series of three about the potential extraction of deep-sea minerals, written for manufacturers and market exchanges.

Environmentalists called for a ban on the mining of copper, nickel, zinc, lithium and rare earth minerals in deep seabed nodules. WEF believes that although the government, scientists, seabed mining industry and environmental protection organizations have a place to discuss deep-sea mining, companies using these minerals, including product manufacturers and metal markets, have no place to understand and discuss this aspect.

The new platform allows experts with different perspectives to analyze the decision-making system and learn from existing industries.

Dominic Waughray, WEF managing director, said, “Deep-sea mining is a cross-cutting topic that could affect both progress on climate action as well as the preservation of biodiversity and is connected with the transition to a circular economy. Stakeholders owe it to themselves and to the planet alike to make the wisest decision possible.”

The next years are critical as regulatory, technology and investment decisions are being made. These decisions could determine the environmental and social impact of deep-sea minerals. Although the minerals may not enter the supply chain for a few years, examples involving cobalt mining from the Democratic Republic of Congo and palm oil supply from Indonesia, show that failing to act early, can result in costly efforts to clean up the supply chain and reputational impact afterward.

Assheton Stewart Carter, CEO of TDI Sustainability, said, “Decisions being taken now on the development of deep-sea minerals such as rare earth elements and cobalt have implications for ocean conservation, responsible sourcing, sustainable production and even for our fight against accelerating climate change. It is a topic of generational importance. For once we have the opportunity to engage and contribute to opinions on whether and how deep-sea minerals are developed before the industry has begun in earnest. We should grasp it.

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