Gerard Barron, CEO of The Metals Company, is on a mission to pioneer commercial deep-sea mining, a venture he believes could redefine America’s mineral independence. His journey began in 2001, sparked by a tennis partner’s invitation to invest in a pioneering project to extract gold and other metals from a hydrothermal vent off Papua New Guinea. Despite initial setbacks and the eventual bankruptcy of that venture, Barron’s curiosity and entrepreneurial spirit led him to a new opportunity: the polymetallic nodules scattered across the Clarion-Clipperton Zone (CCZ) in the Pacific Ocean.
The CCZ, a remote stretch between Mexico and Hawaii, is believed to hold vast amounts of minerals like nickel and cobalt, crucial for defense and energy technologies. Barron argues that tapping into this resource could usher in a new era of industrialization for the U.S., much like the shale and gas boom did for energy independence. This argument has resonated with the Trump administration, which recently signed an executive order promoting deep-sea mining to counter China’s dominance in key global mineral supplies. The Metals Company is now seeking approval for its project from federal regulators, marking the first time U.S. agencies have considered such a venture.
The Metals Company, founded in 2011 and backed by firms like Allseas, is among a handful of companies eyeing the CCZ. The U.S. Geological Survey estimates that the seabed there contains more nickel and cobalt than all known terrestrial reserves combined. Barron describes the nodules as “literally sitting there like golf balls on a driving range,” ready to be picked up and turned into metals with minimal environmental and human impacts compared to traditional mining.
However, the path forward is not without challenges. Dozens of countries and hundreds of marine researchers have called for a moratorium on deep-sea mining until more is known about its potential impacts. Critics argue that mining could damage a little-explored ecosystem where new animal species are still being discovered. Sheryl Murdock, an oceanographer at Arizona State University, warns that the destruction caused by deep-sea mining might go unnoticed, as it occurs out of sight beneath the ocean’s surface.
The Metals Company maintains that its mining system is designed to limit environmental impacts, leaving 15-20% of the nodules behind to allow for recolonization. The firm also points to studies suggesting that animal life in the CCZ is less abundant than in many terrestrial mining hotspots. Nevertheless, some manufacturers, including Volvo, BMW, and Google, have pledged not to use ocean-mined minerals in their supply chains due to environmental concerns.
The business case for deep-sea mining is also under scrutiny. Many EV carmakers have shifted away from batteries that contain nickel and cobalt, leading to a global oversupply of these metals. Some analysts question the economic viability of deep-sea mining in this context.
The Trump administration’s executive order has provided a significant boost to the industry, directing federal agencies to fast-track permitting for deep-sea mining projects. However, this move has put the U.S. at odds with nearly every other country. The International Seabed Authority (ISA), a UN-affiliated group of over 165 countries, oversees mining in international waters and defines these seabed minerals as the common heritage of all humans. Leticia Reis de Carvalho, Secretary-General of the ISA, emphasizes that any activity without ISA authorization constitutes a violation of international law.
As The Metals Company navigates these regulatory and environmental challenges, the outcome of its venture could shape the future of the mining industry. If successful, it could pave the way for a new era of mineral extraction, but if it fails, it could serve as a cautionary tale about the risks and uncertainties of deep-sea mining. The debate surrounding this issue is likely to intensify as the world grapples with the need for critical minerals and the environmental consequences of their extraction.