US Representatives question financial viability of deep sea minerals in hearing
Members of a US House of Representatives committee hearing on deep sea mining, today, challenged the narrative that the minerals to be dredged are as financially lucrative as has been suggested.
The US President, Donald Trump, signed an executive order last week expediting plans to issue licences for exploitation in the Pacific Ocean to combat China's near monopoly in the metals market.
The EO came just days ahead of the committee hearing, drawing consternation from at least one committee member, Dr Maxine Dexter, at this morning's meeting in the Capitol.
Dr Dexter, who represents Oregon’s 3rd district and is a ranking member of the Committee on US Natural Resources, also challenged the minerals’ economic worth.
Dr. Maxine Dexter, Oregon Rep, challenging the financial viability of deep sea minerals at an Oversight Hearing on Deep Sea Mining in DC this morning
Her colleague Democrat from California’s 2nd district, Jared Huffman, agreed, arguing that the technology landscape for green energy production is changing fast and the minerals will not be as valuable in the near future.
Jared Huffman, California Rep, argued that deep sea minerals may not be as lucrative as suggested.
However the CEO of Impossible Metals, one of the companies pushing the US to issue licences for deep sea mining, Oliver Gunasekara, defended his company’s financial prospects.
Mr Gunasekara told the hearing that his company’s plans were airtight and that its proposed operation to extract seabed nodules is much less expensive than terrestrial operations.
Oliver Gunasekara, CEO of Impossible Metals defends the financials on Deep Sea Mining
He was backed by TMC CEO Gerard Barron who was the other mining company invited to the hearing on Exploring the Potential of Deep-Sea Mining to Expand American Mineral Production.
Also invited to address today’s hearing was Duncan Currie, legal advisor for the Deep Sea Conservation Coalition, who pointed out that Norwegian deep sea mining company, Loke Marine, has just filed for bankruptcy.
Mr. Currie’s environmental contributions will be covered separately along with those of other attendees including MIT researcher Dr. Thomas Peacock.
Despite cautions about the financial prospects for American companies pushing to embark on deep sea mining, the chair, Republican Congressman Paul Gosar, ended the hearing on an optimistic note that this could turn things around for America.
Republican chair of the Oversight and Investigations subcommittee, Paul Gosar.
Resources
Read the press release issued by the Committee on Natural Resources after the hearing and the committee's pre-hearing memo.