Norway Forced to Stop Deep Sea Mining Plan

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Norway's controversial plan to start deep sea mining has been stopped by the actions of SV, a small left-wing environmentalist political party in Norway.

The Socialist Left Party (SV) has succeeded in temporarily blocking the government's planned first licensing round in 2025 in return for supporting the government's budget. Despite not being part of the ruling coalition, the government needed SV's support to push through its budget. In return there will be no mining on the seabed "for the rest of this parliamentary term," SV stated. "We have stopped the plans for open mining on the seabed," said party leader Kirsti Bergstø. "This is an intervention that will not see the light of day as long as SV has one hand on the wheel. It shows why it is important for the environmental fight with a strong SV and this is a fight we will fight to the end. We will ensure new forest protection, cut greenhouse gas emissions, tackle the major polluters in industry, help industry to adapt and strengthen competitiveness for the future. We are taking major structural measures for the environment."

Norway sparked global controversy earlier this year when it became the first country in the world to vote in favor of allowing deep-sea mining for minerals. The measure will see an area of 280,000 square kilometers in the Arctic Ocean open for potential mining. Companies will be able to submit applications from later this year. For additional information, see January 15, 2024, article - Norway is First to Green Light Deep-Sea Mining. According to estimates from the Norwegian Petroleum Directorate (NPD), a resource estimate for areas in the Norwegian Sea and Greenland Sea showed there were 38 million tonnes of copper and 45 million tonnes of zinc accumulated in polymetallic sulfide formations. It added: "Of the metals found on the seabed in the area [of an earlier completed study], magnesium, niobium, cobalt and rare earth minerals are present on the European Commission's list of critical minerals. Costly, rare minerals such as neodymium and dysprosium are extremely important for magnets in wind turbines and the engines in electric vehicles."

Norway's Prime Minister Jonas Gahr Stoer called the block a "postponement" and that preparatory work on regulations and environmental impact would continue as planned. However, one of three known mineral companies that had planned to bid in the first auction said the hold-up will be for at least a year. "The license papers are with the Department of Energy following the hearing round this fall, ready to be distributed, and it will now be up to the new Government to be formed after the elections in September 2025 to implement this decision so that the license round can continue its course," stated Green Minerals. "While not knowing the details yet, the Company thereafter expects a slightly accelerated timeline for the 1st round following this delay, allowing for licenses to be awarded sufficiently early in 2026 to uphold the Company's timeline for first exploration cruise in 2026."

The European Union (EU) and Norway are working hard to reduce their reliance on China and Russia for the majority of their rare earth elements (REE), which are essential components in the manufacture of wind turbines, electric vehicles (EVs), battery technology, smartphones and many other consumer and military technology items. Both the EU and U.K. have bans in place against deep sea mining. In June, Industrial Info reported that mining company Rare Earths Norway (REN) (Molde, Norway) had announced the discovery of Europe's largest deposit of REE in southern Norway. The find, located in the Fen Carbonatite Complex at the southern tip of the country, came after three years of exploration. Getting them out of the ground will take time and major investment though. REN expects to push forward with the first stage of commercial mining by 2030, which will cost in the region of $930 million. It estimated that by then it could cover 10% of the EU's demand for REE from local sources. For additional information, see June 25, 2024, article - Norway Boasts Largest Discovery of Rare Earth Minerals.

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