In a surprising move two months ago, former President Trump announced plans to issue permits for mineral mining on the ocean floor in international waters. This decision was a major boost for The Metals Company, which has invested over $500 million in preparing to become a leader in the seabed mining industry. Shortly after Trump's order, the company promptly submitted its permit application to the federal government.
However, this shift has led some of The Metals Company's international collaborators to express concern. The policy infringes upon a critical international treaty called the Law of the Sea, which has been signed by nearly every nation except the U.S. The treaty prohibits mining in areas beyond national jurisdiction unless there's an agreement on regulations, to safeguard "the common heritage of mankind."
For instance, a Japanese company that previously worked with The Metals Company on seabed mining projects is now evaluating its collaboration, emphasizing the necessity of aligning with partners who have "international credibility." As the world converges on issues of environmental protection and legal compliance, the path forward for seabed mining remains uncertain amidst global scrutiny.
However, this shift has led some of The Metals Company's international collaborators to express concern. The policy infringes upon a critical international treaty called the Law of the Sea, which has been signed by nearly every nation except the U.S. The treaty prohibits mining in areas beyond national jurisdiction unless there's an agreement on regulations, to safeguard "the common heritage of mankind."
For instance, a Japanese company that previously worked with The Metals Company on seabed mining projects is now evaluating its collaboration, emphasizing the necessity of aligning with partners who have "international credibility." As the world converges on issues of environmental protection and legal compliance, the path forward for seabed mining remains uncertain amidst global scrutiny.
