Norwegian authorities are finalizing a plan to extract a range of metals from the bottom of the Greenland and Norwegian Seas southwest of Svalbard to help Europe meet its urgent need for such resources, the Financial Times reported on Friday.
“Norwegian Secretary of State Petroleum and Energy Minister Amund Wiek told the Financial Times that deep sea mining will help Europe with its dire need for minerals and rare earths to make a green transition.
The newspaper notes that that Oslo wants to start mining metals in an area almost the size of Germany, and Norway could become the first country to obtain metals from the seabed that are needed in the production of batteries. At the same time, according to rough estimates, 38 million tons of copper can occur in this zone, as well as cobalt deposits, which are used in the manufacture of batteries for electric vehicles. There may also be rare earth metals such as neodymium and dysprosium, which are used in the assembly of electric vehicles and wind turbines; moreover, the supply of these metals is currently mainly controlled by China.
Norwegian Ministry of Energy intends to present in Parliament a draft within the next two weeks, which will provide for the opening of the sea zone for exploration and production of resources. A vote on the project is expected in the fall.
The Svalbard Treaty of 1920, in particular, gives Norway the right to engage in mining in Svalbard and in its territorial waters. However, Russia, the EU and the UK are arguing with Norway over what area of Oslo can carry out such activities, the newspaper recalls.
Meanwhile, Norway's current plans to develop the mining industry have raised objections from fishermen and environmentalists in connection with possible pollution in the future of the marine area. Currently, mining companies in China, Japan, New Zealand, Papua New Guinea are exploring ways to extract metals from their territorial waters.
