A recent report published in Nature Geoscience (July 3, 2011) claims that the ocean floor may be rich in highly prized rare earth elements (REEs). Considering that REE exploration is still in its infancy and that numerous ore bodies that are accessible without the use of a submarine remain undeveloped, I am very skeptical about whether collecting REEs from the ocean floor will become economically feasible within my lifetime, but that does not mean that seafloor metal exploration should be completely overlooked.
Nautilus Minerals Inc., a Canadian-registered explorations company, has been exploring the seafloor off Papua New Guinea since the 1990s in hopes of extracting the high-grade copper, zinc, gold and silver deposits found in massive sulfides. Seafloor massive sulfides form on the ocean floor and contain significant concentrations of these valuable metals.
The deposits are found along mid-ocean spreading ridges (such as the Mid-Atlantic Ridge and East Pacific Rise). They exist in areas where new ocean crust is forming and where seawater is drawn down into the earth’s crust towards the earth’s core. Here, the seawater heats-up and returns to the surface, bringing with it metals that precipitate out when they reach the cold water above. This results in massive sulfides, which are characterized by a high content of valuable metals.
Although oil and gas companies have been working offshore for decades, Papua New Guinea was the first country to license its seafloor to commercial mineral exploration when it entered an agreement with Nautilus Minerals in 1997. The first deep-sea mining license, which will last for an initial term of 20 years and covers an area of 59 square kilometers, was signed earlier this year.
It’s hard to know whether this is the beginning of a new era for mining and metal exploration, but some of the world’s biggest mining companies are keen not to be left behind. Anglo American, Teck Resources and Gazmetall are all minority shareholders in Nautilus Minerals.
What is certain is that there is not only many technological hurdles yet to overcome – imagine the adaptions you would have to make to your office in order to suit it for the bottom of the sea – but also numerous political issues related to exploration of sea beds outside of national boundaries.
Although REEs may not be coming from the seafloor anytime soon, this new method of mineral exploration and extraction may have a significant impact on metal markets in the coming decades and is one I will be following with interest.
Image © M. Tivey (WHOI)
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