The race to mine the ocean floor is being reignited as the Metals Company, a Canadian resource exploration and development company, has announced plans to explore for and develop seafloor massive sulfide (SMS) deposits. SMS deposits are formed on the seafloor when hydrothermal fluids, or hot water, rich in metals and minerals, are expelled from the Earth’s crust. This process is known as seafloor hydrothermal venting, and is responsible for the formation of some of the most valuable metals and minerals on the planet.
The Metals Company is planning to use a combination of advanced technology and innovative engineering to explore and develop SMS deposits. This includes the use of robotic underwater vehicles (ROVs) to explore the ocean floor, and specialized mining equipment to extract the valuable metals and minerals. The Metals Company is also exploring the use of advanced deep-sea drilling techniques to access deeper deposits.
The Metals Company’s efforts to explore and develop SMS deposits have been welcomed by many in the mining industry, as the potential for seafloor mining has long been recognized. For example, the International Seabed Authority (ISA) has already granted exploration contracts for polymetallic nodules and cobalt-rich ferromanganese crusts in the Pacific, Indian, and Atlantic Oceans.
However, the Metals Company’s plans to explore and develop SMS deposits are the first of their kind. This is due to the fact that SMS deposits are located in much deeper waters than polymetallic nodules and cobalt-rich ferromanganese crusts. This means that they are much harder to access, and require more advanced technology and engineering to safely and efficiently explore and develop.
The Metals Company’s plans to explore and develop SMS deposits have been met with some skepticism, as the environmental impacts of deep-sea mining are largely unknown. In response, the Metals Company has committed to conducting extensive environmental impact assessments prior to commencing any mining operations. The Metals Company has also promised to adhere to all relevant international regulations and standards, and to work closely with local communities and stakeholders to ensure that any potential impacts are minimized.
The Metals Company’s plans to explore and develop SMS deposits have also been welcomed by some as a potential source of much-needed revenue. SMS deposits are known to contain high concentrations of valuable metals and minerals, including copper, zinc, gold, and silver. Extracting these metals and minerals could provide a much-needed boost to many local economies, as well as to the global economy.
The Metals Company’s plans to explore and develop SMS deposits have reignited the race to mine the ocean floor. It remains to be seen how successful the Metals Company will be in its efforts, but it is clear that deep-sea mining is becoming increasingly viable. If the Metals Company is successful, it could pave the way for further exploration and development of seafloor deposits, and provide a much-needed source of revenue for many local economies.
