Experts question viability of billion-dollar deep-sea mining gold rush
Undersea experts question the viability of deep-sea mining for critical minerals, fearing the only winners will be early investors and the companies selling the machinery.
Deep-sea mining for gold has been hailed as a potential billion-dollar industry, but experts are questioning its viability. Rob McCallum, a divemaster and founder of EYOS Expeditions, has explored the depths of all five oceans and is familiar with polymetallic nodules. These nodules, formed over millions of years, contain valuable critical minerals such as nickel, cobalt, copper, and manganese.
Billions have been invested in exploration and research, with governments and companies looking to tap into this new source of minerals. However, McCallum and other experts are skeptical, arguing that the only winners will be early investors and machinery sellers. They warn that operating at extreme depths presents significant technical and financial challenges.
No commercial-scale deep-sea mining system exists yet, and the nodules require special collection vehicles to be brought to the surface. Critics point out that the assumed production rates are unrealistic and that demand for these minerals may be declining as alternative battery technologies emerge.
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