International Seabed Authority close to finalizing regulations for mining the seabed
- Draft regulations for seabed mining are close to being finalized by the International Seabed Authority
- Terms such as royalty payments still need to be resolved
- The regulations are expected to be finalized by 2025
- Seabed mining is gaining interest, particularly in the Clarion-Clipperton Zone
- Canadian company, The Metals Company, plans to submit an application to mine by July 2024
The International Seabed Authority is nearing completion of draft regulations for companies and countries interested in seabed mining. While some terms, such as royalty payments, still need to be resolved, the draft regulation provides a good indication of the overall shape of the document. The International Seabed Authority, a U.N. observer organization, is responsible for regulating mineral operations on the seafloor in international waters. The regulations are expected to be finalized by 2025. Seabed mining is gaining interest, particularly in the Clarion-Clipperton Zone, a small patch of the Pacific Ocean rich in seabed nodules containing minerals like manganese, nickel, and cobalt. Canadian company, The Metals Company, plans to submit a mining application by July 2024, making it the first company to express interest in seabed mining. The company intends to wait for the ISA and its members to agree on more rules before applying and expects to start mining by the fourth quarter of 2025.
Factuality Level: 8
Factuality Justification: The article provides information about the progress of the International Seabed Authority in finalizing draft regulations for seabed mining. It includes quotes from the Secretary General and mentions the need for further discussions on financial terms. The article also mentions the excitement around seabed mining in the Clarion-Clipperton Zone and the intention of The Metals Company to submit an application. However, there is no indication of bias or misleading information in the article.
Noise Level: 7
Noise Justification: The article provides some relevant information about the International Seabed Authority’s progress in finalizing regulations for seabed mining. However, it lacks in-depth analysis, scientific rigor, and evidence to support its claims. It also does not explore the consequences of seabed mining or hold powerful people accountable. The article briefly mentions the excitement around seabed mining and a specific company’s intention to mine, but it does not provide actionable insights or solutions.
Financial Relevance: Yes
Financial Markets Impacted: The regulations for seabed mining can impact companies involved in mineral operations on the seafloor in international waters, particularly those interested in mining minerals such as manganese, nickel, and cobalt for electric vehicle batteries.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the International Seabed Authority’s progress in finalizing regulations for seabed mining. While there is no mention of any extreme events or their impact, the financial relevance is high as the regulations can impact companies involved in mineral operations on the seafloor.
Public Companies: The Metals Company (null)
Key People: Michael Lodge (Secretary General of the International Seabed Authority)
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