Companies join a deep-sea mining rush after Trump executive order, as regulators fast-track permits
Summary
Since President Donald Trump signed an executive order last year to start a deep-sea mining industry, companies have raised large amounts of money and the government is speeding up permits. Several companies are negotiating for rights to mine minerals on the seafloor, with auctions planned soon, though some questions about the companies and the process remain.Key Facts
- President Trump signed an executive order to develop a U.S. deep-sea mining industry in April last year.
- At least nine companies are currently negotiating with the government for access to underwater mineral resources.
- Federal regulators are fast-tracking permits to allow commercial deep-sea mining.
- Areas from American Samoa to Alaska may be auctioned for seabed mining this summer and fall.
- Seafloor minerals include polymetallic nodules with manganese, copper, nickel, cobalt, and some rare earth elements.
- Some companies involved have unclear track records and face legal challenges.
- The International Seabed Authority regulates mining on international waters but has not yet approved commercial mining.
- Critics say financial outlooks for deep-sea mining projects are uncertain despite high investor interest.
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