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Assessing the feasibility of deep-seabed mining of polymetallic nodules in the Area of seabed and ocean floor beyond the limits of national jurisdiction, as a method of alleviating supply-side issues for cobalt to US markets

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  • Alexander Cunningham

    (University of Dundee)

Abstract

The growing importance of cobalt to the US economy has led to its categorisation as a critical mineral. Cobalt demand is increasing due to its requirement in lithium-ion batteries, which will significantly contribute to the energy transition. Supply is threatened for various reasons, primarily regarding supply chain concentrations, with the majority of the world’s cobalt originating in terrestrial deposits in the Democratic Republic of the Congo, and being refined in China. There remain environmental and ethical concerns over the present supply chain. Previous discussions around reducing cobalt’s criticality have suggested diversifying processing locations to reduce geographical and jurisdictional reliance where possible. This study assesses the viability of extracting cobalt from polymetallic nodules (PMNs) located on the deep-seabed in the Area, as an alternative strategy to reduce cobalt’s criticality. Assessments are made of the viability of PMN extraction considering ongoing barriers to introduction, contrasted with current arguments supporting PMN extraction. PMN mining offers a more stable and decentralised alternative to current cobalt supply. There exist impediments to its introduction, notably potential environmental impacts, which remain poorly understood. Technical and political restrictions must also be overcome. It is argued that the wider environmental benefits of increased cobalt supply from PMN mining may offset its detrimental environmental impacts. It is suggested that PMN mining be used in a wider strategy to improve supply security of cobalt to US markets.

Suggested Citation

  • Alexander Cunningham, 2024. "Assessing the feasibility of deep-seabed mining of polymetallic nodules in the Area of seabed and ocean floor beyond the limits of national jurisdiction, as a method of alleviating supply-side issues ," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 37(2), pages 207-226, June.
    • Handle: RePEc:spr:minecn:v:37:y:2024:i:2:d:10.1007_s13563-022-00348-w
    DOI: 10.1007/s13563-022-00348-w
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