Latest news with #TheMetalsCompany
Scoop
36 minutes ago
- Business
- Scoop
Tiny Nauru Is Causing Big Waves Over Mining
A tiny Pacific nation that stands to make millions from a deal over deep sea mining in international waters may have found a way around the rules it signed up to One of the smallest islands in the South Pacific is causing some big waves right now. Nauru, just 21 square kilometres and with a population of 12,000, has opened the door to a deep sea mining company to explore and potentially harvest the sea bottom for minerals and resources. It can do that under International Seabed Authority (ISA) rules because it's one of 19 "sponsoring states" that's been allocated an area of the Pacific in the Clarion-Clipperton Zone, that it can potentially benefit from. Nauru signed a partnership with The Metals Company in 2011 to research what minerals and resources were on the seabed. Now, that company is becoming impatient with the slow progress on the ISA in drawing up rules for deep sea mining in international waters, and has found a way around them. Most of the world - that's 169 countries plus the European Union - are members of the ISA, but the USA has never signed up, retaining its right to mine the seabed. Until recently however, it hasn't authorised anyone to do that, and it's been assumed that because it has played by the rules, it agrees to them. But this year President Donald Trump signed an executive order to fast track deep sea mining off the US coast, and The Metals Company saw another pathway to begin mining. Nauru meanwhile is bound by the agreement it signed up to. That includes, under its sponsoring state responsibilities, exercising effective control over any activities in its patch of the CCZ. That means things like checking the contractor is sticking to the terms of the contract, and that all the paperwork is in order. It also must "apply a precautionary approach" and promote best environmental practice, respond to incidents and inquire into them, keep records, liaise with the ISA, and monitor and inspect activities. Environmental law experts say not only does this sort of "rogue mine" operation pose enormous risks to the largely unexplored seabed, but it would also see Nauru breaking its obligations to the rules it signed up to. Professor Karen Scott is a Canterbury University expert who's been working in the area of international law of the sea for 25 years. She specifically researches ocean environmental issues, and is the editor of the journal Ocean Development and International Law. "I would suggest that Nauru is very much being driven by the interests of The Metals Company, which obviously is a commercial organisation," she says. "And whilst clearly there are good reasons for supporting Nauru's economic development and the welfare of Nauru people, I think there's an equally good argument that that should not come at the cost of potentially significant environmental harm, which may well affect all states." Nauru stands to make millions from the venture, and it will also provide jobs for its people. Nauru's president has argued at the UN that the benefits of taking minerals to use them for batteries to increase electrification outweigh any environmental damage that might be caused. The chief executive of The Metals Company, Gerard Barron, is on record saying it's a less harmful way of getting the minerals we need than land-based mining in places such as Indonesia, where vast jungles are being ripped up to get minerals such as nickel. But one of the reasons that work to create an international rulebook over such mining has taken over a decade of debate and is still nowhere near completion is that we still don't know exactly what's in these ocean depths, and how they contribute to the ecosystem. On today's episode of The Detail, Karen Scott goes through the complexities of who rules the sea; and we also hear from RNZ Pacific journalist Teuila Fuatai, who's been across the subject. She points out that one of the big issues here is that there just isn't a lot of research on an area that is three to four kilometres deep in the ocean. "It's pitch black ... we don't know what the sea life is down there, and it's being researched by mining companies or deep sea exploration companies because they're interested in these deep sea minerals or polymetallic nodules. "They've got to put forward a case as to whether mining is financially viable and what the environmental impacts of that could be." Fuatai says The Metals Company, funded by shareholders, is frustrated by the amount of time it's taking the ISA to formulate regulations on deep sea mining, including how much can be taken. The process started in 2014 and hasn't got far. ISA members are meeting in Jamaica right now trying to get a draft agreement. In the meantime, New Zealand is one of 37 nations calling for a moratorium on deep sea mining in international waters until those rules are sorted out. Check out how to listen to and follow The Detail here.
RNZ News
11 hours ago
- Business
- RNZ News
International Seabed Authority launches inquiry into deep sea mining firm The Metals Company
The Metals Company Photo: Facebook / The Metals Company The International Seabed Authority (ISA) Council has launched an inquiry into "non-compliance" by deep sea mining front-runner The Metals Company (TMC). The company had previously indicated that it would apply to mine in June through the ISA, despite mining rules not yet being in place. It would do so after triggering a clause known as the "two-year rule". However, TMC is now planning to apply to mine exclusively through United States regulations, circumventing the ISA process. It was made possible by an executive order two months ago issued by President Donald Trump. Duncan Currie, an international environmental lawyer with Deep Sea Conservation Coalition, said the decision for an inquiry, made on Monday, is to find out "the facts and the law in what is a very complex situation". The ISA Council, composed of 36 elected member states, will meet in March 2025 to decide what to do about the findings. Currie said the ISA could suspend or terminate the exploration contracts that TMC has through its subsidiaries if the ISA find noncompliance. Despite applying only through the US, TMC plans on keeping its exploration licenses with the ISA. RNZ Pacific arranged an interview with TMC's chief executive Gerard Barron, who cancelled at the last minute. The ISA Council, composed of 36 elected member states, will meet in March 2025 to decide what to do about the findings. Photo: flickr / ISBA HQ Instead, a TMC spokesperson said its subsidiaries, Nauru Ocean Resources Inc (NORI) and Tonga Offshore Mining Limited (TOML), are in full compliance with their ISA contracts. "All TMC subsidiaries operate legally under international law and under national laws of their respective jurisdictions," they said. The spokesperson said NORI had conducted more offshore research than any other contractor. Currie said he believed it would be very difficult for The Metals Company to mine even if it got a permit under the US regulations. "The first thing is that there's highly likely to be lawsuits in Hawaii, which is the closest jurisdiction [in the Clarion-Clipperton Zone] I think a lot of groups will be challenging the regulations purporting to allow The Metals Company to mine the seabed area." Currie said TMC also relies on Swiss and Dutch company Allseas for mining technology, and Switzerland is "highly unlikely" to allow the company to move against the ISA. He said processing for cobalt and nickel is carried out in China, and if TMC were to proceed through US regulations, a processing facility would need to be developed in the States. "Basically, the world is a complex, interdependent place, and I think that the metals company is not going to find it as easy as they think to just go there, mine the metals and bring them up." The ISA Council finished on Monday and the assembly meeting has since started.
RNZ News
13 hours ago
- Politics
- RNZ News
Tiny Nauru is causing big waves over mining
An image from the National Oceanography Centre shows a carnivorous sponge, photographed during an expedition to the NE Pacific abyss and found in the Clarion-Clipperton Zone (CCZ). A recent executive order by US President Donald Trump could open the door to Nauru deep sea mining in the CCZ. Photo: National Oceanography Centre/ AFP One of the smallest islands in the South Pacific is causing some big waves right now. Nauru, just 21 square kilometres and with a population of 12,000, has opened the door to a deep sea mining company to explore and potentially harvest the sea bottom for minerals and resources. It can do that under International Seabed Authority (ISA) rules because it's one of 19 "sponsoring states" that's been allocated an area of the Pacific in the Clarion-Clipperton Zone, that it can potentially benefit from. Nauru signed a partnership with The Metals Company in 2011 to research what minerals and resources were on the seabed. Now, that company is becoming impatient with the slow progress on the ISA in drawing up rules for deep sea mining in international waters, and has found a way around them. Most of the world - that's 169 countries plus the European Union - are members of the ISA, but the USA has never signed up, retaining its right to mine the seabed. Until recently however, it hasn't authorised anyone to do that, and it's been assumed that because it has played by the rules, it agrees to them. But this year President Donald Trump signed an executive order to fast track deep sea mining off the US coast, and The Metals Company saw another pathway to begin mining. Nauru meanwhile is bound by the agreement it signed up to. That includes, under its sponsoring state responsibilities, exercising effective control over any activities in its patch of the CCZ. That means things like checking the contractor is sticking to the terms of the contract, and that all the paperwork is in order. It also must "apply a precautionary approach" and promote best environmental practice, respond to incidents and inquire into them, keep records, liaise with the ISA, and monitor and inspect activities. Environmental law experts say not only does this sort of "rogue mine" operation pose enormous risks to the largely unexplored seabed, but it would also see Nauru breaking its obligations to the rules it signed up to. Professor Karen Scott is a Canterbury University expert who's been working in the area of international law of the sea for 25 years. She specifically researches ocean environmental issues, and is the editor of the journal Ocean Development and International Law. "I would suggest that Nauru is very much being driven by the interests of The Metals Company, which obviously is a commercial organisation," she says. "And whilst clearly there are good reasons for supporting Nauru's economic development and the welfare of Nauru people, I think there's an equally good argument that that should not come at the cost of potentially significant environmental harm, which may well affect all states." Nauru stands to make millions from the venture, and it will also provide jobs for its people. Nauru's president has argued at the UN that the benefits of taking minerals to use them for batteries to increase electrification outweigh any environmental damage that might be caused. The chief executive of The Metals Company, Gerard Barron, is on record saying it's a less harmful way of getting the minerals we need than land-based mining in places such as Indonesia, where vast jungles are being ripped up to get minerals such as nickel. But one of the reasons that work to create an international rulebook over such mining has taken over a decade of debate and is still nowhere near completion is that we still don't know exactly what's in these ocean depths, and how they contribute to the ecosystem. On today's episode of The Detail , Karen Scott goes through the complexities of who rules the sea; and we also hear from RNZ Pacific journalist Teuila Fuatai, who's been across the subject. She points out that one of the big issues here is that there just isn't a lot of research on an area that is three to four kilometres deep in the ocean. "It's pitch black ... we don't know what the sea life is down there, and it's being researched by mining companies or deep sea exploration companies because they're interested in these deep sea minerals or polymetallic nodules. "They've got to put forward a case as to whether mining is financially viable and what the environmental impacts of that could be." Fuatai says The Metals Company, funded by shareholders, is frustrated by the amount of time it's taking the ISA to formulate regulations on deep sea mining, including how much can be taken. The process started in 2014 and hasn't got far. ISA members are meeting in Jamaica right now trying to get a draft agreement. In the meantime, New Zealand is one of 37 nations calling for a moratorium on deep sea mining in international waters until those rules are sorted out. Check out how to listen to and follow The Detail here . You can also stay up-to-date by liking us on Facebook or following us on Twitter .
The Sun
a day ago
- Business
- The Sun
Trump's support boosts deep-sea mining in Cook Islands by 2030
RAROTONGA: A leading deep-sea mining firm in the Cook Islands is targeting commercial production by 2030, buoyed by former US President Donald Trump's endorsement of the controversial industry. Moana Minerals plans to extract polymetallic nodules—rich in cobalt, nickel, and manganese—from the South Pacific seabed amid growing environmental concerns. Trump's executive order earlier this year aimed at unlocking deep-sea mineral resources has given the industry fresh momentum. 'What he's done is tasked his people to go and look at it seriously,' said Moana Minerals CEO Hans Smit. 'It certainly is helpful that we are engaging with a lot of people that in the past would not give us the time of day. But they are listening.' The US and China are both vying for dominance in deep-sea mining, seen as a key source of critical minerals for batteries and military tech. The Cook Islands, home to one of the world's largest polymetallic nodule deposits, signed a contentious mining deal with China this year. Smit dismissed critics of the partnership, saying, 'If you want to counter the Chinese, get off your arse and do something proactive.' Kiribati, another Pacific nation, is also exploring a deep-sea mining agreement with China, which already controls major mineral deposits. Smit remains optimistic about launching industrial-scale mining before 2030, despite regulatory hurdles. The International Seabed Authority (ISA) has yet to finalize mining regulations, prompting Canada's The Metals Company to consider exploiting US loopholes to mine international waters. Smit acknowledged their frustration but stressed the need for clearer rules. The Cook Islands government supports deep-sea mining but remains cautious. 'We believe that the Cook Islands government and the people can make an informed decision,' said spokesman Edward Herman. - AFP
Int'l Business Times
a day ago
- Business
- Int'l Business Times
Trump A Boon For Deep-sea Mining: Industry Boss
A leading deep-sea mining company in the paradisal Cook Islands is aiming to start commercial production by 2030, spurred on by Donald Trump's recent backing for the much-maligned industry. Moana Minerals wants to mine a swathe of deep ocean in the South Pacific nation for polymetallic nodules, golf-ball sized lumps studded with metals like cobalt, nickel and manganese. Efforts to start commercial-scale production have been dogged by growing calls to ban the industry until its environmental impact is clear. But Moana Minerals boss Hans Smit said fresh momentum was building, citing the support of US President Trump. Trump earlier this year signed an executive order targeted at "unleashing" mineral resources found in the deep ocean. "What he's done is tasked his people to go and look at it seriously," Smit said. "It certainly is helpful that we are engaging with a lot of people that in the past would not give us the time of day. But they are listening." Both the United States and China have signalled renewed interest in deep-sea mining, which could offer a pipeline of critical minerals that helps insulate them from future trade ructions. Trump is eager to weaken China's stranglehold on the coveted metals, which are used in everything from rechargeable batteries to military technology. Cook Islands -- which lays claim to one of the world's biggest deposits of polymetallic nodules -- signed a contentious deep-sea mining cooperation deal with China earlier this year. US-based Smit had a simple message for those worried about China's foray into the industry. "The people yelling at the Cook Islands for talking to the Chinese, I have a very simple statement for them: If you want to counter the Chinese, get off your arse and do something proactive." Cook Islands' Pacific neighbour Kiribati is also exploring a deep-sea mining deal with China. China already holds some of the world's largest deposits of critical minerals and is fiercely protective of its position. Smit said he hoped to start industrial-scale deep-sea mining by the end of the decade. "I want to be mining before 2030. Yeah, absolutely, I think that we can." The International Seabed Authority -- which oversees deep-sea mining in international waters -- has yet to adopt long-awaited rules governing the industry. Canada-based The Metals Company has indicated it could forge ahead and start mining international waters without the authority's approval, applying instead for a mining permit under obscure and untested US laws. Those laws say US citizens can mine the ocean, as long as their activities lie outside the nation's maritime territory. "I can understand why The Metals Company have done it," Smit said. "I can understand their frustration and empathise with it. "But I still think there's a lot to be unpacked before we're going to have any clarity as to which way it's going to go." The Cook Islands government, which is supportive of deep-sea mining, said it would not set a time frame on when it hoped to have the industry under way. But the government said it remained "aligned" with the International Seabed Authority's approach. "Cook Islands will remain steadfast in our precautionary approach," government spokesman Edward Herman told AFP. "We believe that the Cook Islands government and the people can make an informed decision." Cook Islands has one of the world's biggest deposits of polymetallic nodules, golf-ball sized lumps studded with metals such as cobalt, nickel and manganese found on the deep ocean floor AFP Geologist John McIntyre inspects polymetallic nodules onboard Moana Minerals' research vessel MV Anuanua Moana, which is exploring the far-flung South Pacific AFP
