Commercial Seabed Mining at last?

I do not have an opinion on UNCLOS, because I have not been persuaded by arguments for or against. I've read it many times, but I am far from an expert. Most Americans don't know anything about it. I think issues involving UNCLOS represents an important discussion on ID, and I fully expect the Obama administration to take on the treaty now that START is completed. With that discussion looming, potentially later this year, I welcome these types of blog contributions on the subject because I believe they are important. The following post is contributed by Dr. Miles Libbey.

Miles is a retired Navy Captain who studied Law of the Sea at the Fletcher School of Law and Diplomacy during his appointment as the Navy's first Samuel Eliot Morison Scholar, eventually leading to a Ph.D.; he founded the startup Seaminr last year to provide technology, international law and business impetus to worldwide commercial seabed mining efforts creating exploration companies.

Commercial Seabed Mining at last?
....UNCLOS gains importance for USA…

The close association of the United States and the Law of the Sea (more correctly UNCLOS, the UN Convention of the Law of the Sea, Dec 82) over its long maturation period from the 60’s until today, has impressively passed a significant milestone Tuesday as the first two commercial claims for polymetallic nodule exploration were approved at the International Seabed Authority (ISA).

These claims are potentially worth many tens of billions of dollars by harvesting the readily accessible, important minerals such as cobalt, nickel, copper and the Rare Earths that are helping to build green motors and generators. Admittedly the impression of “readily accessible” may be stretching the point a bit when these potato-sized rocks lie on the seabed surface at about two and a half miles deep.

30 years ago it was stretching technology some to collect these attractive mineral nuggets… today not so much. Three major inflection points have jointed to revitalize this wonderful ocean resource and technology is one of them. Driven by the feats of the deep water hydrocarbon industry in offsetting foreign US gas and oil, seabed mining can now borrow and shape their technology to use a light touch to bring these metals to the surface. Environmental responsibility is an international byword and backed by regulations evolving with our increasing knowledge.

The economic inflection point could drive the race for seabed resources alone. Market demands for nodules and closely associated crusts cause give economic incentives long lacking in tepid markets for harvesting seabed minerals. The new world economy demanding stainless steel and rare earths for green energy by the burgeoning BRICS (Brazil, India, China, South America …as well as Indonesia, Malaysia and other economies) need more than terrestrial resources can easily and economically provide as we look to the future. By having their claims approved yesterday, the island states of Tonga and Nauru show their prescience by making their claim first, leading the rest of us to understand a environmentally and economically sound path to needed resources.

The final inflection is driven by the international acceptance of over 160 countries of the law of the sea as expressed by UNCLOS. This literal world-wide acceptance has led to a settling and increasing stability of the international legal regime governing the seabed, consequently creating an environment in which capital markets can enter safely and likely thrive.

Infamously, most of the countries who have not yet acceded to UNCLOS are small like the Vatican, do not care because they are landlocked, or have USA in their chant.

The US has several pioneer claims each about the size of Rhode Island with an estimate of over trillion dollars of important metals to harvest: but only after the Senate Foreign Relations Committee breaks its 30-year lock on stopping a full vote of the Senate to allow Ratification. Perhaps Tonga’s and Nauru’s foresight and leadership will change some minds on Capital Hill this year.