Deep-Sea Mining Threatens Billions in Annual Export Revenues

Deep-sea mining poses a risk to terrestrial mining, potentially jeopardizing over US$560 billion in annual export revenues, according to Planet Tracker’s latest report. The analysis highlights the minimal financial returns from seabed mining and calls on governments and investors to prioritize environmental preservation and enhance land-based mining practices.

Planet Tracker emphasizes that even under optimistic scenarios, the financial benefits of deep-sea mining for participating countries would be negligible, with projected corporate tax revenues reaching only US$6.25 million annually. The report also estimates royalties from deep-sea mining to range between US$42,000 and US$1.1 million per year, a low contribution for most economies.

Experts also warn that countries dependent on terrestrial mining for minerals such as copper, cobalt, nickel, and manganese could collectively lose up to US$560 billion annually. Furthermore, biodiversity losses resulting from seabed mining are estimated to be 25 times greater than those caused by land-based mining activities.

The report coincides with US president-elect Donald Trump’s nomination of Elise Stefanik as the next US’ United Nations Ambassador, who is an advocate for securing critical minerals from polymetallic nodules located in the Clarion-Clipperton Zone (CCZ). Planet Tracker’s findings are also consistent with warnings from the International Union for Conservation of Nature (IUCN), which recently highlighted that over 40% of coral species are at risk of extinction due to mining.

Deep Sea Mining

The International Energy Agency (IEA) predicts a 40% rise in demand for copper and rare earth metals, while the need for nickel, cobalt, and lithium, driven by clean energy technologies, is expected to increase by 60%, 70%, and 90%, respectively. Studies suggest that extracting battery metals from polymetallic nodules could cut CO₂ emissions by 70%-75%, reduce land use by 94%, and eliminate solid waste. However, critics underline the significant uncertainty surrounding the long-term impacts of deep-sea mining, calling for comprehensive research before advancing large-scale operations.

Currently, ISA has approved 31 contracts, 30 of which are active, each lasting 15 years. While Mexico has not yet started deep-sea mining, it has a substantial opportunity to do so, with access to both the Atlantic and Pacific Oceans and its proximity to the Clipperton Fracture Zone, a rich area for mining. Mexico's mineral reserves are estimated to contain 21 billion t of polymetallic nodules. These are believed to hold about 6 billion t of manganese, 226Mt of copper, 94t of cobalt, and 270Mt of nickel.