Norway Sea Mining: Norway can become the first country to commercially extract metals and minerals from the depths of the sea. For this, the Parliament there will have to approve the government’s bill related to mining from the seabed, despite the international call for a global moratorium.
According to the report of news agency Reuters, the Norwegian Parliament is ready to discuss the government bill. If this bill is passed, it will allow opening of an offshore (open sea) area as big as the United Kingdom for mining. Let us know how much the global marine mining market in which Norway is taking interest is worth thousands of crores and how big a blow it can give to China.
How much is the global marine mining market worth thousands of crores?
According to a report by Transparency Market Research.com, the global marine mining market in 2021 was worth US $ 1.6 billion (more than Rs 13 thousand crore today). It is expected to grow at a CAGR (Compound Annual Growth Rate) of 34.43 percent from 2022 to 2031. The global marine mining market is expected to reach US $ 31.5 billion (more than Rs 2 lakh 61 thousand crore today) by the end of 2031.
How big a blow will Norway give to China?
Norway can give a big blow to China if the bill related to seabed mining is passed. According to the report, the Norwegian government says that sea mining can help Europe reduce its dependence on China in many matters. Currently, Europe has to depend on China for the supply of critical minerals needed to make electric vehicle batteries, wind turbines and solar panels.
It is also part of Norway’s strategy to develop new maritime industries as its top exports such as offshore oil and gas are expected to decline gradually.
Is there anything in the depths of the sea?
According to the report of Transparency Market Research.com, marine mining is the process of obtaining mineral deposits from the ocean and its waters below 200 meters. There are many metals and minerals available in the deep sea, including gold, silver, copper, manganese, cobalt and zinc, which can be extracted.
29 contracts have been issued for exploration of deep sea mineral reserves.
The International Seabed Authority (ISA), which regulates activities in areas beyond national jurisdiction, has issued 29 contracts for the exploration of mineral deposits in the deep sea. More than 1.5 million square kilometers of the international seabed has been set aside for mineral exploration in the Pacific and Indian Oceans and the Mid-Atlantic Range.
Why is sea mining needed?
Due to depletion of terrestrial reserves of metals like copper, nickel, aluminium, manganese, zinc, lithium and cobalt and increase in demand for electronic components, the need for new sources of metals is increasing. At the same time, increasing awareness about the advantages and disadvantages of underwater mining, marine phosphate mining and sea sand mining is creating attractive opportunities in the market.
