RPT-New Zealand may kick start race to mine the ocean floor

Sun Jun 15, 2014 9:30pm EDT
 
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By Sonali Paul and Gyles Beckford

MELBOURNE/WELLINGTON, June 16 (Reuters) - New Zealand decides this week whether to approve an underwater iron-ore operation that would likely become the world's first commercial metals mine at the bottom of the sea.

A green light to allow New Zealand's Trans Tasman Resources Ltd to start iron-ore dredging off the country's west coast will encourage others looking to mine copper, cobalt, manganese and other metals deeper on the ocean floor but worried about regulatory hurdles.

Along the Pacific Rim of Fire, as deep as 6,000 metres underwater, volcano crusts, "black smoker" chimneys and vast beds of manganese nodules hold promise for economic powers like China and Japan as well as many poor island states busy pegging stakes on the ocean floor.

"A lot of people are watching the Trans Tasman Resources outcome," said Michael Johnston, chief executive of Nautilus Minerals, which is working on a deep-sea project off Papua New Guinea and is also in talks with New Zealand.

Other countries in the Pacific looking at underwater mining include Fiji, Solomon Islands, Tonga and Vanuatu, which have all issued exploration licenses. Cook Islands in the South Pacific plans to put seabed exploration licenses up for bids later this year.

In the 750,000 sq km (290,000 square miles) of territorial waters around the Cook Islands are mineral nodules the size of potatoes to lettuce heads and rich in manganese and cobalt, a resource Imperial College marine geoscientist David Cronan estimates at 10 billion tonnes.

"If only 10 percent of that resource can be recovered it will be one of the largest mineral deposits ever discovered. It is a world class mineral deposit," says the Cook Islands National Seabed Minerals Policy, approved on June 10.   Continued...