Frequently Asked Questions (FAQs)
Please contact our team if you have any questions that aren’t covered here or would like to discuss your questions or feedback with Impossible Metals.
Deep Sea Mining Regulations
The exploration phase of collecting deep sea minerals has begun. So far, no commercial collection has taken place in the deep sea. To date, approximately 40 exploration licenses have been awarded: 31 by the International Seabed Authority (ISA) and the remainder by different governments within their exclusive economic zones (EEZ).
Individual countries govern the deep sea minerals within their EEZs. In international waters, deep sea minerals are governed by the United Nations (UN) through the “The United Nations Convention Law Of the Sea (UNCLOS).” 167 countries and the European Union are signatories to UNCLOS. UNCLOS is controlled and enforced by the International Seabed Authority (ISA), an autonomous organization within the United Nations common system. For more details, please see the blog post “Current Status of Deep Sea Mining Regulations.”
Exploration regulations have been in force for many years. Exploration includes analyzing deposits, testing systems and equipment, and completing environmental baseline, scientific, technical, and economic studies; no commercial activity is permitted under exploration.
Exploitation (commercial mining) regulations have been under development for many years. The ISA has stated that the exploitation regulations will be adopted in 2025. Multiple countries, including the Cook Islands, have awarded exploration licenses within their exclusive economic zones. For more details, please see the blog post “Current Status of Deep Sea Mining Regulations.”
No. No single baseline for any development project can hope to solve ocean science and answer every question. A baseline project is not an unbounded ocean research exercise. The scope of a baseline project is defined by an EIA Scoping Study that identifies the parameters essential to assessing impacts and that directly connect to monitoring key indicators. However, there is an interface between a baseline project and regional and global ocean science objectives. By aggregating results across several individual baseline projects using consistent methods, regional assessments are made, and by integrating across information sources, the knowledge of global ocean science is improved. Publishing the objective findings of baseline studies is a key global knowledge enhancement process.
Nodule-rich areas are mapped and identified as part of the mining prospecting and exploration phase (not our focus). A traditional AUV with wideband sonar and box core samples performs the mapping. The essential data is nodule abundance measured in kg per square meter and metal grade. The metal grade is by collecting multiple box core samples and sending the nodules to the lab to measure the ore grade. Multiple NI-43-101 resource estimations have been completed for deep-sea minerals. The resource estimations are much more complex on land as the resource is three-dimensional compared to two-dimensional on the seabed. Holes are drilled, and an estimate of the three-dimensional resources is calculated.
Collecting and analyzing the data and writing the Environmental Impact Statement (EIS) report typically take three to five years. This is the primary purpose of the exploration license, which typically costs around $30–80M.
Stakeholders are engaged throughout the EIA process. EIS submission typically involves a public consultation period during which any parties can provide comments registered by the regulator and proponent and require assessment.
Additional elements of an EIS include stakeholder consultation outcomes, Environmental Management and Monitoring Plans, closure plans, and adaptive management measures. An EIS typically assesses project alternatives and states the no-development case. A level of Cumulative Impact Assessment (CIA) is typically required.
Yes. Environmental Impact Assessment (EIA) is a branch of environmental science performed by objective professionals with the necessary qualifications and experience. Given the oversight in modern EIA practice, project approvals do not benefit from poor-quality EIAs or overt client advocacy. EIA specialists do not engage in client advocacy. Furthermore, independent reviews, panels, committees, and hearings are standard practices in EIA.
No. The award of an environmental permit is contingent on a variety of factors. These include the comments from the public consultation period, independent reviews, and regulators’ internal assessment processes.
No. The permitting process involves setting a range of conditions. Permit conditions can include a range of measures, including additional studies, revised modeling, additional monitoring requirements, etc. Regular reporting and independent monitoring are also part of the checks and balances applied.
No. EIS does not seek consensus among all parties, and the award of an environmental permit does not require a response to every public comment on every topic.
Exploitation regulations are in the final stages of being adopted by multiple regulators. It is anticipated that the earliest date an exploitation contract could be awarded and production mining started is 2027.
167 countries plus the European Union have ratified UNCLOS. This represents 7.5 billion people (93%) of the world’s population. In the United States, there has been vigorous debate over the treaty’s ratification, with criticism coming mainly from political conservatives that raised concerns on the Convention’s impact on U.S. sovereignty. See more details in the 60 minutes TV program from March 2024.
Yes. All mining typically has a royalty, paid for access to the resource. The ISA Finance Committee is working on equitable finance sharing from deep seabed mining. This is likely to result in a royalty. See the blog post “For All Mankind: How Deep Sea Minerals Could Pay Children in Africa to Go to School Instead of Mining” for more information.
Glossary
Abyssal plains = Is an underwater plain on the deep ocean floor, usually found at depths between 3,000 and 6,000 meters.
AUV (Autonomous underwater vehicle) = AUVs are robot submarines that can explore the ocean without a pilot or tether.
Biodiversity = biological diversity among and within plant and animal species in an environment.
CCZ (Clarion-Clipperton Zone) = A large area in the Pacific Ocean from Hawaii to Mexico.
Critical Minerals = Copper, nickel, and cobalt are essential components in many of today’s rapidly growing clean energy applications.
DP (Dynamic Positioning) = is a computer-controlled system to automatically maintain a vessel’s position and heading by using its own propellers and thrusters.
DSM (Deep Sea Minerals) = The minerals found on the deep seabed.
EEZ (exclusive economic zone) = an area of the ocean, generally extending 200 nautical miles beyond a nation’s territorial sea, within which a coastal nation has jurisdiction over both living and nonliving resources.
EIS (Environmental Impact Statement) = is a tool for decision-making. It describes the positive and negative environmental effects of a proposed action.
Eureka I, II, III = Underwater robots (AUVs’) designed by Impossible metals for selective harvesting of polymetallic nodules from the ocean floor.
EV (electric vehicle) = is a vehicle that uses one or more electric motors for propulsion.
ISA (International Seabed Authority) = is an autonomous international organization that organizes and controls all mineral-resources-related activities in the Area for the benefit of humankind.
Megafauna = animals of a given area that can be seen with the unaided eye.
UNCLOS (United Nations Convention on the Law of the Sea) = established a comprehensive international legal framework to govern activities related to the global oceans.
USBL (ultra-short baseline) = method of underwater acoustic positioning as GPS does not work underwater.
TAM (Total addressable market) = a metric that estimates the maximum revenue potential for a product or service if it were to capture 100% of a market.
