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deep sea extraction negotiations resume, here’s what you need to know","international-deep-sea-extraction-negotiations-resume-heres-what-you-need-to-know","article/international-deep-sea-extraction-negotiations-resume-heres-what-you-need-to-know",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":805,"featured":51,"reporter":806,"_editable":810,"component":811,"seo_title":553,"categories":812,"visibility":822,"author_company":49,"featured_image":823,"seo_description":805,"author_full_name":49,"author_job_title":49,"formattedDate":827,"formattedArticleDate":828},"64d084b6-782a-4484-8dd9-c44b6d453f0b","2024-03-18 00:00",[560],{"slug":561,"name":562},"deep-sea","Deep Sea",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,583,588,593,600,605,610,615,620,629,634,639,646,669,674,679,684,689,694,699,704,709,722,743,748,753,760,787,800],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"With the start of the 29th session of the International Seabed Authority (ISA) this month, international negotiations resumed on an international deep-sea extraction code to allow commercial deep-sea extraction operations beyond national territorial waters. ","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"Extraction of the seabed is also taking on increasing geopolitical significance, acting as one of the latest flashpoints in US-China geopolitical competition.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"Here, Benchmark’s Policy team sets out key developments in the deep-sea extraction space. ",{"type":594,"attrs":595,"content":597},"heading",{"level":596,"textAlign":49},4,[598],{"text":599,"type":582},"What are the latest deep-sea extraction developments?",{"type":577,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":582},"A growing number of companies and countries are looking to extract deep sea minerals in international waters, especially in the nodule-rich Clarion-Clipperton Zone (CCZ) in the Pacific Ocean. ",{"type":577,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":582},"Awaiting the adoption of an international deep-sea extraction code by the International Seabed Authority (ISA), some countries, like Norway and the Cook Islands, have adopted national legal frameworks for deep-seabed mineral activities in their national waters, allowing mineral exploration and laying the groundwork for future commercial extraction activities. ",{"type":577,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":582},"In January 2024, the Norwegian Parliament adopted a legal framework allowing companies to apply for permits to explore deep-sea minerals on the Norwegian Continental Shelf (NCS). However, future commercial deep-sea extraction licences will require further parliamentary approval. ",{"type":577,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":582},"Furthermore, spurred by concerns about over-dependence on REE supply from China, the Japanese government aims to open its Exclusive Economic Zone (EEZ) for commercial deep-sea extraction operations, which is expected to begin after the mid-2020s. US lawmakers have recently tabled a bill to support deep-sea mineral activities and domestic processing in view of reducing its dependence on China.",{"type":577,"attrs":621,"content":622},{"textAlign":49},[623],{"type":624,"attrs":625},"image",{"id":49,"alt":626,"src":627,"title":49,"source":49,"copyright":49,"meta_data":628},"","https://lh7-us.googleusercontent.com/euXeeMTL8MceiHkfv6s5ud-5LXEh41icJTwZj0XQOJQDN_sRF7-vJrYLG5flbEYmuK4HxoKUFqfMGtlHc8nV029u7-yuI_F9HaSxWi9uNss6ThYhp9wKCGoHbcIWW8SAJMTbvaV9XTWYtcxd4LtADRs",{},{"type":594,"attrs":630,"content":631},{"level":596,"textAlign":49},[632],{"text":633,"type":582},"What are the ISA’s timelines?",{"type":577,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":582},"The ISA is tasked with setting up a legal framework for both exploration and extraction of deep-sea minerals in a zone known as “the Area”. “The Area” refers to the seabed and its subsoil in international waters. To date, the ISA has only adopted a deep-sea exploration code and issued 30 exploration contracts to a mix of state-owned, state-backed and privately-owned companies, all supported by a sponsoring state.",{"type":577,"attrs":640,"content":641},{"textAlign":49},[642],{"type":624,"attrs":643},{"id":49,"alt":626,"src":644,"title":49,"source":49,"copyright":49,"meta_data":645},"https://a.storyblok.com/f/287943243085208/80b2f9e9c1/bm-dsm-chart-updated.png",{},{"type":577,"attrs":647,"content":648},{"textAlign":49},[649,651,659,661,667],{"text":650,"type":582},"Due to the ISA ",{"text":652,"type":582,"marks":653},"missing its 2023 deadline",[654],{"type":655,"attrs":656},"link",{"href":657,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://source.benchmarkminerals.com/article/clock-is-ticking-for-isa-as-deep-sea-extraction-rules-delayed-until-2025","url",{"text":660,"type":582}," to adopt a deep-sea extraction code, countries can now submit applications for commercial extraction",{"text":662,"type":582,"marks":663}," licences",[664],{"type":655,"attrs":665},{"href":666,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://archive.is/o/usCSC/https://www.reuters.com/graphics/MINING-DEEPSEA/CLIMATE/zjpqezqzlpx/",{"text":668,"type":582}," even without a code in place. The ISA set a timeline and aims to adopt the final extraction code by 2025, eliminating regulatory uncertainty, including around environmental standards.",{"type":594,"attrs":670,"content":671},{"level":596,"textAlign":49},[672],{"text":673,"type":582},"Where does this fit into geopolitics? ",{"type":577,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":582},"With 5 exploration contracts, more than any other country, China has strengthened its grip on the deep-sea extraction industry. It has actively pushed for an international deep-sea extraction code and positioned itself as a central rule-maker in the ISA. The US, in contrast, has sidelined itself from the debate and is only an observer due to its failure to ratify UNCLOS thus far. ",{"type":577,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":582},"This may be changing, however, as US lawmakers are waking up to the urgency of this issue. This month, US lawmakers introduced the ‘Responsible Use of Seafloor Resources Act’, a bill intended to support deep-sea mineral exploration, responsible extraction, and domestic processing and refining capabilities. ",{"type":577,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":582},"Additionally, following the passage of the National Defense Authorization Act last December, the Assistant Secretary of Defense for Industrial Base Policy was instructed to submit a report to the House Armed Services Committee by early March on developing domestic deep-sea mineral processing capabilities.",{"type":577,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":582},"Norway’s recent decision stems from similar geo-economic factors: reducing its dependence on China for the supply of battery minerals and anticipating the expected decline of its oil and gas industries. ",{"type":577,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":582},"However, this decision is geopolitically sensitive, as the NCS overlaps with a disputed area around the Svalbard archipelago. Consequently, both Russia and Iceland have called Norway’s decision illegal. Furthermore, the EU Parliament expressed its concerns in a recent resolution. ",{"type":594,"attrs":700,"content":701},{"level":596,"textAlign":49},[702],{"text":703,"type":582},"What are the main sustainability factors at play? ",{"type":577,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":582},"There is a lack of clarity around the overall environmental impact of deep-sea extraction in terms of biodiversity, marine environment, noise and light pollution. As a result, 24 ISA member states, including France, Germany and the UK, have reportedly called for a “precautionary pause” or “moratorium” on moving to the extraction phase of deep sea minerals until more scientific evidence is available. That said, the legality of a precautionary pause or moratorium has been called into question by legal experts and could, in fact, be challenged. ",{"type":577,"attrs":710,"content":711},{"textAlign":49},[712,714,720],{"text":713,"type":582},"Benchmark ",{"text":715,"type":582,"marks":716},"research",[717],{"type":655,"attrs":718},{"href":719,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://www.benchmarkminerals.com/esg/lca/",{"text":721,"type":582}," shows that production from deep sea resources, such as those targeted by companies like TMC, has the potential to have a smaller environmental footprint than some forms of land-based extraction.",{"type":577,"attrs":723,"content":724},{"textAlign":49},[725,727,733,735,741],{"text":726,"type":582},"The Norwegian Parliament’s decision caused some organisations to voice concerns about sustainability issues. ",{"text":728,"type":582,"marks":729},"Norway’s Environment Agency",[730],{"type":655,"attrs":731},{"href":732,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://www.regjeringen.no/contentassets/613111b7e02c464ca95b3e5bb364cc14/miljodirektoratet.pdf?uid=Milj%C3%B8direktoratet",{"text":734,"type":582}," and its ",{"text":736,"type":582,"marks":737},"Institute of Marine Research",[738],{"type":655,"attrs":739},{"href":740,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://www.hi.no/hi/nyheter/2023/januar/havbunnsmineraler-horing",{"text":742,"type":582}," criticised the decision and argued that the previous environmental assessment was insufficient. Extracting crusts and polymetallic sulphides is understood to be more challenging and invasive than extracting the polymetallic nodules in the Pacific.",{"type":594,"attrs":744,"content":745},{"level":596,"textAlign":49},[746],{"text":747,"type":582},"Can deep-sea extraction meet raw material deficits?",{"type":577,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":582},"Despite the regulatory, environmental, and economic challenges to deep-sea extraction, it could potentially help meet the demand for battery minerals and ease supply shortages. ",{"type":577,"attrs":754,"content":755},{"textAlign":49},[756],{"type":624,"attrs":757},{"id":49,"alt":626,"src":758,"title":49,"source":49,"copyright":49,"meta_data":759},"https://lh7-us.googleusercontent.com/DArh3UOqNUkZCbmf8cm1hprSNXjGCIOgA2Xij_-2QKfv-Hrcm5l8odukrc-UVt6bH4GatEU5rxXAkxb88zT0Ilh_VHe7BqTrAEQj6wPQNGD-B4LfJULEPBrxuQV4_oGk_IT-RRVUO0h5r0GRO-L5pkU",{},{"type":577,"attrs":761,"content":762},{"textAlign":49},[763,764,770,772,777,779,785],{"text":713,"type":582},{"text":765,"type":582,"marks":766},"forecasts",[767],{"type":655,"attrs":768},{"href":769,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://www.benchmarkminerals.com/forecasts/nickel/reports/",{"text":771,"type":582}," that from the late 2020s onwards, growing demand from EVs, energy storage and portables will drive a call for critical minerals that the current pipeline will not be able to meet, meaning further investment and diversification in battery raw materials such as ",{"text":773,"type":582,"marks":774},"nickel ",[775],{"type":655,"attrs":776},{"href":769,"uuid":49,"anchor":49,"target":49,"linktype":658},{"text":778,"type":582},"and ",{"text":780,"type":582,"marks":781},"cobalt",[782],{"type":655,"attrs":783},{"href":784,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/",{"text":786,"type":582}," extraction is needed.",{"type":577,"attrs":788,"content":789},{"textAlign":49},[790,792,798],{"text":791,"type":582},"Although ",{"text":793,"type":582,"marks":794},"recycling",[795],{"type":655,"attrs":796},{"href":797,"uuid":49,"anchor":49,"target":49,"linktype":658},"https://www.benchmarkminerals.com/forecasts/recycling/reports/",{"text":799,"type":582}," is forecasted to grow and could help fill supply gaps, secondary cobalt is only expected to account for 13% of total supply in 2030 and 40% in 2040, accounting for 32% of demand in 2040. Secondary nickel supply is expected to meet 12% of demand in 2040.",{"type":577,"attrs":801,"content":802},{"textAlign":49},[803],{"text":804,"type":582},"Against this background, terrestrial extraction and recycling alone may not be enough to meet the global demand for battery minerals needed for the energy transition. Deep-sea extracted outputs could help to close the gap. ","With the start of the 29th session of the International Seabed Authority (ISA) this month, international negotiations resumed on an international deep-sea extraction code to allow commercial deep-sea extraction operations beyond national territorial waters. Extraction of the seabed is also taking on increasing geopolitical significance, acting as one of the latest flashpoints in US-China geopolitical […]",[807],{"slug":565,"name":566,"content":808},{"job_title":568,"image":809,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"64d084b6-782a-4484-8dd9-c44b6d453f0b\", \"id\": \"\"}-->","article",[813,814,817,820],{"slug":780,"name":115},{"slug":815,"name":816},"critical-minerals","Critical Minerals",{"slug":818,"name":819},"geopolitics","Geopolitics",{"slug":821,"name":151},"nickel","private",{"id":49,"alt":626,"name":626,"focus":626,"title":626,"source":626,"filename":824,"copyright":626,"fieldtype":825,"meta_data":826,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/71883d81c0/bm-deepsea.jpg","asset",{"alt":626,"title":626,"source":626,"copyright":626},"Mar 18, 2024","18th March 2024",[],[],1789982578084]