This whitepaper analyses the potential of the fledgling deep sea mining industry, the opportunities and challenges inherent in mining the seafloor and how the insurance industry is planning to cover the sector. This whitepaper features quotes and perspectives from experts across the mining, maritime, legal and insurance industries to bring you a well-rounded, balanced overview of the risks involved with deep sea mining and how they can be mitigated.
On 24 April 2014, Toronto-based Nautilus Minerals signed an agreement with the State of Papua New Guinea to move forward to production at its 1600-meter deep Solwara 1 project. The agreement comes after a two-year legal dispute with the PNG government and marks a step forward for the fledgling deep-sea mining industry with Nautilus at the vanguard. Interest in marine mining emerged in the late 1950s and offshore diamond mining has taken place since the early 1960s in shallow waters down to 35-meters deep.
Only in the past five years, however, have technological advancements in the oil and gas sector and rising commodity prices as a result of booming demand for metals, made deep-sea mining economical. Furthermore, as quality land-based ores become increasingly rare and inaccessible, state governments and private companies are turning their attention to the treasures under the sea.
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For further information, please contact Simon Delchar, CEO, Property, Casualty, Mining and Power on +44 (0)207 466 6226