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Deep-sea Connections: Identifying future demand for seabed minerals
by Brandon Gertz Dr. Pat Halpin, Adviser
4/29/2021
Masters project submitted in partial fulfillment of the
requirements for the Master of Environmental Management degree in
the Nicholas School of the Environment of Duke University
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Table of Contents
Executive Summary………………………………………………………………….……..2 Abstract…………………………………………………………………………….…..…....4 Limitations………………………………………………………………………….…....….4 Introduction…………………………………………………………………………..……..5 Research Design…………………………………………………………………….…..…..7 Background……………………………………………………………………….………...7 Who Watches the Watchers?…………………………………………………………….10 Results: Literature Review…………………………………………………………....….14 Research Methods…………………………………………………………………..…….24 Results: Contractors and Beneficial Owners……………………...……………..……...28 Discussion……………………………………………………………………………..…...45 Conclusion……………………………………………………………………………..…..50 Acknowledgements………………………………………………………………..……....52 Bibliography………………………………………………………………………..….…..53
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Executive Summary
Deep-sea mining (DSM) is expected to begin at commercial scale on the international seabed within the next decade. This has provoked concern among some scientists and environmentalists, who worry that DSM may have negative consequences for the marine environment. The International Seabed Authority (ISA) is responsible for managing contracts to explore and exploit the international seabed and is given a dual mandate by the United Nations Convention on the Law of the Sea: it must enable the exploitation of the seabed while also protecting the marine environment, all while treating the international seabed as “the common heritage of mankind.” Given the gravity of the situation, some marine scientists have expressed concern that public engagement with deep-sea mining issues is low. In this paper, I identify the beneficial owners of exploration contractors with the ISA and explore the industries and companies that these contractors plan to sell seabed resources to. In doing so, I hope to encourage future research and public engagement strategies that focus on companies that are closely tied to consumers. These companies can be influenced by public input to ensure that the actions of miners in their deep-sea mineral supply chains are responsive to public interests.
The limitations section emphasizes that the results of this paper are constrained by several factors, including the fact that DSM has not begun at commercial scale.
The introduction outlines the importance of the deep seabed to humanity, clarifies the role of the ISA in its management, and emphasizes the need to find new ways to promote public engagement with DSM issues.
The research design sets out my strategy of beginning with a report of the history behind deep-sea mining, followed by a literature review of deep-sea mineral supply, an examination of the beneficial ownership and business ties of each exploration contractor, and key points for future attention.
The background section discusses the history of DSM, including its initial rise to prominence as a possible use of the ocean, the collapse in interest in the late 20th century, and the recent resurgence in enthusiasm among mining contractors.
The next section, titled “who watches the watchers?” discusses concerns about ISA processes and participation in support of the idea that greater public engagement would have benefits for managing the international seabed as “the common heritage of mankind.”
The results section begins with a literature review, exploring projections of future demand for seabed minerals and the products in which they might be used. 3
The second part of the results section begins with a summary of findings before examining the beneficial ownership and business ties of each ISA exploration contractor individually.
The discussion section covers the implications of the results and offers ways in which these may be used to improve public engagement with DSM issues.
Overall, I argue that a focus on the consumer-connected companies that may buy deep-sea resources in the future can be effective for promoting public engagement with the questions DSM raises. Identifying companies that may have DSM contractors in their supply chains could encourage these companies to influence their suppliers toward actions or resources that match with public interests. I suggest that this strategy may work best for companies that sell cars to consumers due to the incentive for automotive companies to appeal to the public and the possibility that significant demand for seabed minerals may come from electric vehicle (EV) batteries.
The key points and recommendations of this paper are:
• The future of DSM is highly uncertain, requiring future research attention as markets develop or disappear. • 31 ISA contracts are controlled by just 15 beneficial owners, 5 of which are private companies and 10 of which are states. • Polymetallic nodules (PMN) are the most likely resource type to be mined at commercial scale first in light of ISA legal preparations and the fact that private beneficial owners are only involved in PMN exploration. • The only beneficial owner currently contracted to sell seabed minerals is Canadian company Deepgreen Metals, Inc., which has an agreement to sell half the nickel collected from one of its exploration sites to Belgian metals trader Glencore. • Battery metals companies may be a significant source of demand for seabed minerals in the future and are connected with some beneficial owners through other deals. • A significant portion of this battery demand may come from the development of electric vehicles (EVs) in the automotive industry. • Possible future use of seabed minerals in EVs and the importance of brand reputation to car companies suggest that car companies could be an effective avenue through which people can be connected to DSM issues, improving public engagement.
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Abstract Mining on the international seabed is predicted to begin at commercial scale within the next decade.
Despite this, many researchers have lamented that the deep sea remains “out of sight and out of mind” to the public, leading to little engagement with the substantial questions that deep-sea mining possibilities raise. New methods are needed to enable the public to take ownership of their own stake in the use of the international seabed. In this paper, I identify ISA deep-sea mining contractors’ beneficial ownership, explore their likely industry customers, and highlight which of their products can be used to drive public engagement in the global conversation about deep-sea mining. I find that 68% of contracts are beneficially owned by state governments, while 29% are beneficially owned by non-state corporations and one contract is beneficially owned by an intergovernmental organization. While no sale agreements have been formed between deep-sea miners and companies that sell products to the public yet, ties do exist between some beneficial owners and numerous technology and automotive companies. I suggest that the automotive sector may be the most important deep-sea mining industry connection to focus on for enabling public engagement in the future. This is due to the expected use of deep-sea minerals in vehicle batteries and the ability of consumer decisions and brand reputation to impact the behavior of car companies.
Limitations
The greatest limitation to this research is that no large-scale deep-sea mining has occurred yet,1 making predictions about buyers and sellers uncertain. Future battery chemistries are also unclear and are influenced by material prices, which could shift or decrease demand for DSM.2 All research on contractors and buyers also had to be conducted from “outside” the companies involved and using only
1 Kung et al. “Governing deep sea mining in the face of uncertainty.” Journal of Environmental Management 279. (2021) 1. https://doi.org/10.1016/j.jenvman.2020.111593 2 Hund, Kirsten, Daniele La Porta, Thao P Fabregas, Tim Laing, and John Drexhage. “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” The World Bank. (2020) 5
open-source resources, meaning any non-public business deals or plans remain unknown. The impact that public pressure can have on companies may differ depending on how interchangeable products like cars are in terms of quality and price.3 While a focus on the automotive sector may involve more people in
DSM decision-making, it does not necessarily involve those who do not want or cannot afford a vehicle of their own.
Introduction
When asked to picture the marine environment, lush coral reefs or dolphins splashing offshore fit the pristine narrative in our minds. There are very few who would instantly picture the deep seabed, miles beneath the surface of the waves. Marine scientists have lamented that the deep ocean is often “out of sight, out of mind” to most people due to its distance, depth, and apparent disconnect from the everyday lives of humans.4
In reality, the deep ocean is far more newsworthy than it receives credit for being. The deep seabed covers over half the surface of the Earth, and the waters above it provide most of the planet’s living space for wildlife.56 Biotic and abiotic processes that occur in the deep ocean provide many services to humans including supporting fisheries, cycling carbon, and enabling bioprospecting for useful new chemicals.7
Interest in mining the deep ocean has also increased among companies and countries in recent years due to the potential to harvest metals such as cobalt and nickel for use in products like rechargeable batteries
3 Barone et al. “The Influence of Cause-Related Marketing on Consumer Choice: Does One Good Turn Deserve Another?” Journal of the Academy of Marketing Science 28(2):257 (2000) 4 Jamieson et al. “Fear and loathing of the deep ocean: why don’t people care about the deep sea?” ICES Journal of Marine Science (November 2020) 5 Levin et al. “Global Observing Needs in the Deep Ocean.” Front. Mar. Sci. 6:241. (2019) 6 Lusty, Paul A. and Bramley J. Murton. “Deep-Ocean Mineral Deposits: Metal Resources and Windows into Earth Processes.” Elements 14(5): 301-306. (2018) 7 Thurber et al. “Ecosystem function and services provided by the deep sea.” Biogeosciences 11: 3941-3963 (2014) 3954. 6
and renewable energy infrastructure.89 The International Seabed Authority (ISA) is responsible for managing contracts for mining the ocean floor beyond national jurisdiction, known as “the Area,”10 which makes up makes up 64% of the global seabed.1112 Because mining destroys habitats, there are inherent but poorly-understood tradeoffs between collecting the mineral resources of the seabed and protecting the deep sea from extraction so that it may continue providing other benefits.1314 The Area and its mineral resources are meant to be treated as “the common heritage of mankind” according to its definition in the
United Nations Convention on the Law of the Sea (UNCLOS).15 In reflection of that, the ISA has been given a “dual mandate:” it must enable the exploitation of the international seabed for the benefit of humanity, but must also ensure that the development of deep-sea minerals is not harmful to the marine environment.16 The impact of the decisions being made at the ISA and by miners about where and how mining will be done makes it concerning that deep ocean issues are seldom considered by the public and press outside of deep sea scholars and researchers.17 After all, it should be a reasonable goal to involve as many groups of people as possible in the debates surrounding the use of “the common heritage of mankind.”18
To contribute to broadening interest in the critical discussions surrounding deep-sea mining, this study connects individuals to deep ocean mineral resources. I outline the connections of the firms and states that have formalized mining exploration contracts with the ISA. Based on those results, I identify the industries that are most likely to use deep-sea minerals in their supply chains and assess how their
8 DeepGreen Metals Inc. “DeepGreen, Developer of the World’s Largest Estimated Resource of Battery Metals for EVs, to Combine with Sustainable Opportunities Acquisition Corporation.” (2021) https://deep.green/wp- content/uploads/2021/03/FINAL-PRESS-RELEASE-3.4.21_1.pdf 9 ISA. “Report and Recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by China Minmetals Corporation.” ISBA/21/C/2 (2015) 10 ISA. “Exploration Areas.” https://www.isa.org.jm/minerals/exploration-areas 11 United Nations Convention on the Law of the Sea. Article 156. 12 Katona, Steve. “2014 High Seas Regional Assessment.” Ocean Health Index. (2014) 13Thurber et al. (2014) 14 Simon-Lledo et al. “Biological effects 26 years after simulated deep-sea mining.” Scientific Reports 9:8040 (2019) 15 United Nations Convention on the Law of the Sea. Preamble. 16 Cuyvers et al. “Deep seabed mining: A rising environmental challenge.” IUCN and Gallifrey Foundation (2018) vii. https://portals.iucn.org/library/sites/library/files/documents/2018-029-En.pdf 17 Jamieson et al. (2020) 18 United Nations Convention on the Law of the Sea. Preamble. 7
products are connected to consumers. I suggest that by emphasizing these products and the connections they form between the deep ocean and consumers, scientists and policy advocates can more effectively provide meaningful calls to action that bring deep-sea mining “close to home” for the public and encourage wider participation in the debate around proper uses of “the common heritage of mankind.”19
Research Design
This paper begins with a brief overview of the history behind international deep-sea mining and the role of the International Seabed Authority (ISA) in its management. I then conduct a literature review in which
I examine different approaches that have been used to identify the beneficiaries and customers of deep- sea mining, including those that focus on beneficial ownership of ISA contractors and those that focus on mineral demand. There is a research “gap” in that no previous studies have summed up the business connections between the public and each ISA mining contractor or explored how these might best be used to increase public engagement with the impacts of deep-sea mining in the Area. Because of this, I examine each contractor, the beneficial owners supporting them, and any companies that the beneficial owners have made current or past deals to sell the kind of mineral resources that are found in their ISA exploration contract areas to. In doing so, I identify connections to the supply chains of major technology and automotive companies. Having made those connections, I end by suggesting specific sectors that can be used to drive greater public engagement with the issue of deep-sea mining.
Background
While interest in deep-sea mining (DSM) may appear new, recent debates about the value of mining the seabed represent only the latest development in an area of speculation that dates back decades. The first
19 United Nations Convention on the Law of the Sea. Preamble. 8
polymetallic nodules were drawn up from the depths by the HMS Challenger expedition between 1872 and 1876 and were “only regarded as a mineralogical curiosity.”20 Despite this, interest in using deep-sea metals as ores for industry was firmly established by the time “American mining engineer John L. Mero published the book ‘The Mineral Resources of the Sea’” in 1965.21 During the 1960s and 1970s, companies from industrialized countries like the United States, West Germany, Japan, and Canada formed international consortia supported by their governments to explore the possibility of DSM.22 Research on
DSM in these industrialized countries expanded following the Organization of Petroleum Exporting
Countries (OPEC) crisis of the 1970s as developing countries called for a “New International Economic
Order” and industrialized countries responded by seeking new ways to bypass the Global South to obtain raw materials.23
This was the context in which negotiations on the DSM-related sections of the United Nations
Convention on the Law of the Sea (UNCLOS) occurred “from 1973 to 1982.”24 Developing and landlocked states, concerned about their inability to benefit from DSM in the way that coastal and wealthy nations would, supported a concept first proposed by Maltese ambassador Arvid Pardo in 1967.25
Pardo’s argument held the international seabed to be “the common heritage of mankind” to be used
“exclusively in the interest of all humanity with special considerations for the needs of least-developed states.”26 Implementing this concept became a major point of strife between negotiating parties, which contributed, along with a decline in commodities prices and a rise in environmental concerns, to the collapse of interest in DSM among Global North investors in the 1980s.27
20 Sparenberg, Ole. “A historical perspective on deep-sea mining for manganese nodules, 1965-2019.” The Extractive Industries and Society 6: 843 (2019) 21 Sparenberg (2019) 843. 22 Sparenberg (2019) 843. 23 Sparenberg (2019) 845. 24 Sparenberg (2019) 847. 25 Sparenberg (2019) 847. 26 Sparenberg (2019) 847. 27 Sparenberg (2019) 848. 9
Over the past few decades, however, policy changes, shifts in the global economy, and expected increases in demand for metals like cobalt, nickel, lithium, and copper for energy storage and electrification have resuscitated corporate and state interest in DSM.28 That growth in interest is reflected by changes in the number of mineral exploration contracts that have been sought. The ISA was established in 1994,29 but interest in becoming a contractor has not been even during the time since: Over twice as many entities have received an exploration lease from the ISA within the past 11 years as those who received one in the first 15 years after the ISA was created.30 This exponential growth in leases has led to increasing calls for caution from many ocean scientists and environmentalists, who view the environmental risks associated with DSM as too great or poorly understood and push for use of the precautionary principle.3132 Concerns have also been raised about the impact of mining on organisms that could provide valuable new chemical compounds for use in medicine.33 If the organisms that host these chemicals are wiped out by mining, access to urgently needed medicines like new antibiotics would be lost.34 The potential consequences of these decisions are so large that a blue paper commissioned by the High Level Panel for a Sustainable
Ocean Economy concluded that “full analysis” of positive and negative impacts would be required to have confidence that DSM would “achieve a global net benefit.”35 Despite this increasing tension and the status of the international seabed as “the common heritage of mankind”,36 marine scientists have lamented
28 Sparenberg (2019) 846. 29 ISA. “About ISA.” https://www.isa.org.jm/about-isa 30 ISA. “Exploration Contracts.” https://isa.org.jm/deep-seabed-minerals-contractors 31 Ed. Santos, Ricardo Serrao et al. “Anthropogenic Disturbances in the Deep Sea.” Frontiers in Marine Science (2019) 32 Center for Biological Diversity. “Re: Comments on “Developing a Regulatory Framework for Mineral Exploitation in the Area.” Stakeholder Survey (ISBA/Cons/2015/1) 33 Miller et al. “An Overview of Seabed Mining Including the Current State of Development, Environmental Impacts, and Knowledge Gaps.” Frontiers in Marine Science 4. (2018) 17. 34 Science Daily. “Deep-sea sponges may hold key to antibiotic drug resistance.” (2018) https://www.sciencedaily.com/releases/2018/06/180619123013.htm#:~:text=Deep%2Dsea%20marine%20sponges%20may%20h old%20key%20to%20antibiotic%20drug%20resistance,- Date%3A%20June%2019&text=Derived%20from%20sea%20sponges%20and,both%20antifungal%20and%20antibacterial%20a ctivities. 35 Haugan, Peter M, Lisa A Levin, Diva Amon, Mark Hemer, Hannah Lily, and Finn Gunnar Nielsen. 2019. “What Role for Ocean-Based Renewable Energy and Deep-Seabed Minerals in a Sustainable Future?” Washington, DC: World Resources Institute. www.oceanpanel.org/blue-papers/ocean-energy-and-mineral-sources 36 United Nations Convention on the Law of the Sea. Preamble. 10
that the decisions that are currently being made about the future of the planet’s largest ecosystem are not receiving the public attention they deserve.37
Who Watches the Watchers?
An examination of the policies and history of the ISA reveals that concerns about public engagement in the DSM debate are further justified by structural challenges to democratic governance of the deep sea.
Democratic governance is defined by the United States Agency for International Development (USAID) as “open, responsive, and accountable institutions and processes that serve the needs and preferences of the public.”38 The ISA’s development of seabed exploitation regulations has been more transparent than its development of exploration regulations due to its inclusion of public participation procedures, but the power of third-party stakeholders remains low.39 A significant portion of important ISA operations also remains opaque. The processes of the Legal and Technical Commission (LTC), which is often viewed as the ISA’s “de facto decision-making body” are largely run behind closed doors.4041 The LTC consists of
30 members with expertise in fields like geology, oceanography, economics, or environmental science.42
These members are nominated by their home states and are elected by the ISA Council, which is a subset of the larger ISA Assembly of all UNCLOS member states.43 The LTC is responsible for tasks like reviewing and supervising exploration contracts, and “make(s) recommendations to the council on all matters relating to exploration and exploitation of non-living marine resources.”44 Authority for allowing
37 Jamieson et al. (2020) 2. 38 USAID. “Democracy, Human Rights and Governance.” https://www.usaid.gov/democracy#:~:text=Democratic%20Governance%20%2D%20Building%20open%2C%20responsive,how %20they%20will%20be%20governed. 39 Willaert, Klaas. “Public Participation in the Context of Deep Sea Mining: Luxury or Legal Obligation?” Ocean & Coastal Management 198 (2020): 105368. 3. https://doi.org/10.1016/j.ocecoaman.2020.105368. 40 Willaert, Klaas. “Public Participation in the Context of Deep Sea Mining: Luxury or Legal Obligation?” Ocean & Coastal Management 198 (2020): 105368. 3. https://doi.org/10.1016/j.ocecoaman.2020.105368. 41 ISA Legal and Technical Commission. “Evaluation of annual reports of contractors and monitoring compliance for plans of work for exploration.” ISBA/24/LTC/3: 3 (2018) 42 ISA. “The Legal and Technical Commission.” https://www.isa.org.jm/authority/legal-and-technical-commission 43 ISA. “The Legal and Technical Commission.” https://www.isa.org.jm/authority/legal-and-technical-commission 44 ISA. “The Legal and Technical Commission.” https://www.isa.org.jm/authority/legal-and-technical-commission 11
contracts or following LTC suggestions is left to the ISA Council, but in practice LTC recommendations to the Council are often decisive.45 Because of this influence and the private nature of most LTC meetings, the “lack of diverging views, technical detail and nuance in [the LTC’s] reports to the Council has been criticized.”46 Multiple national delegations have expressed concern that the Assembly and
Council are not informed of which seabed mining contractors are failing in their environmental baseline survey requirements,4748 which is especially problematic due to the ISA’s “dual mandate” that requires it to ensure that the development of deep-sea minerals is not harmful to the marine environment.49
Lack of participation at the ISA at a national level is also a concern. Attendance at the annual meeting of the ISA Assembly, which counts all 168 state parties of UNCLOS as members, is often low: Michael
Lodge, Secretary-General of the ISA, referred to the presence of 82 member countries at the 2018 session of the ISA Assembly as “a very positive development” compared to previous years.50 As can be seen in
Figure 1 below, 48% of states that did not send a delegation to the ISA Assembly meeting in 2019 are categorized by the World Bank as “low-income” or “lower-middle income” countries.51 Data from 2019 is used because the ISA Assembly meeting scheduled for 2020 was postponed by COVID-19, though other ISA work continued online.5253 This highlights a persistent equity issue that is not limited to the
45 Willaert, Klaas. 4. 46 Willaert, Klaas. 4. 47 “Costa Rica Proposals for Draft Decision on Agenda Item 12: ‘Decision of the Council of the International Seabed Authority relating to the reports of the Chair of the Legal and Technical Commission.’” (2019) https://www.isa.org.jm/files/files/documents/costa_rica_proposals_.pdf 48 “Italy: Considerations on ISBA/25/C/19/add.1 – Report of the Chair of the Legal and Technical Commission on the work of the Commission at the second part of its twenty-fifth session.” (2019) https://www.isa.org.jm/files/files/documents/italy-rept-of- ltc_0.pdf 49 Cuyvers et al. “Deep seabed mining: A rising environmental challenge.” IUCN and Gallifrey Foundation (2018) vii. https://portals.iucn.org/library/sites/library/files/documents/2018-029-En.pdf 50 Thompson, Kimone. “Record Attendance at Seabed Assembly.” Jamaica Observer. (2018) http://www.jamaicaobserver.com/news/record-attendance-at-seabed-assembly_139397?profile=12 51 The World Bank. “World Bank Country and Lending Groups.” https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups 52 ISA. “The 26th Session of the International Seabed Authority.” https://www.isa.org.jm/index.php/sessions/26th-session-2020 53 ISA. “Twenty-sixth session of the ISA Legal and Technical Commission concludes remote meetings today.” 2020. https://www.isa.org.jm/news/twenty-sixth-session-isa-legal-and-technical-commission-concludes-remote-meetings-today 12
Assembly: As of January 2020, the ISA’s voluntary trust fund for helping members from developing
states attend LTC meetings stood in negative balance.54
Figure 1: Attendance at the 2019 ISA Assembly
Concerns also arise when considering who is allowed to vote at the ISA. By rule, states which have not
paid their membership dues to the ISA for the past two years are not permitted to vote.55 As of 2020, this
classification encompassed 57 countries. These states “in arrears” are shown on the map below.
54 ISA. “Urgent call for contributions to the Voluntary Trust Fund to meet the costs of participation of members of the Legal and Technical Commission from developing countries.” (2020) https://www.isa.org.jm/node/19441 55 ISA. “Report of the Secretary-General of the International Seabed Authority under article 166, paragraph 4, of the United Nations Convention on the Law of the Sea.” ISBA/26/A/2 (2020) 13
Figure 2: Voting rights at the ISA Assembly in 2019.
These issues pose a problem for public participation and ocean equity in managing “the common heritage of mankind.”56 A major part of the ISA’s role is to make decisions about “the equitable sharing of financial and other economic benefits” related to DSM.57 Making those choices without the participation of so many states, many of which are low-income and located in the Global South, suggests that final decisions are more likely to benefit mining companies and the Global North. This would have negative implications for environmental justice because of the long lasting legacies of colonialism and natural resource extraction.58 In addition, three states that are currently barred from voting at the ISA (Brazil,
Malaysia, and Tunisia) are classified by the International Monetary Fund (IMF) as “emerging markets,” as are three states that are not ISA members (Colombia, Peru, and Turkey.)59 These emerging markets are expected to soon account for a growing share of demand for the technologies that deep-sea mining
56 United Nations Convention on the Law of the Sea. Preamble. 57 ISA. “The Assembly.” https://www.isa.org.jm/authority/assembly 58 Rojas-Paez, Gustavo. “Understanding Environmental Harm and Justice Claims in the Global South: Crimes of the Powerful and Peoples’ Resistance.” Environmental Crime in Latin America 55-83, Palgrave Studies in Green Criminology. 2017. 59 IMF. “World Economic Outlook October 2019 (2019) 7. https://www.imf.org/- /media/Files/Publications/WEO/2019/October/English/text.ashx 14
contractors intend to supply.6061 Such a disconnect is untenable if the decisions made in international waters by the ISA and mining companies are to be legitimate.
These factors suggest that, while the ISA is meant to act in ways that reflect the status of the international seabed as “the common heritage of mankind,” 62 there are real reasons for concern about its ability to effectively represent the public interest. In recognition of that problem, I suggest that increasing public engagement with deep-sea mining could be a useful method for ensuring that future activities will be more closely tied to public priorities. Pursuing strategies that encourage public engagement with DSM debates clearly does not directly solve procedural or legal issues at the ISA, but public engagement may result in behavioral changes among the countries and companies who drive the creation of seabed mining policy. There is precedent for this: Blasiak et al. (2018), for example, name shareholder activism as an important way to impact business practices and global governance of marine genetic resources by establishing new norms.63 New York University Professor Jennifer Jacquet has also written on the value of shame in reforming industries that cause environmental problems rather than relying on individual action.64 Identifying the businesses that are likely to use seabed resources and their connections to consumers would enable clear avenues for shame and shareholder activism to connect miner behavior to public priorities. This would lead to more legitimate and democratic governance of DSM.
Results
Literature Review: Investigating Mining Business Ties
In this paper, I work toward the goal of public engagement with DSM issues by identifying any connections between DSM contractors and companies that may sell products that use the same minerals
60 Goldman Sachs. “Cars 2025.” https://www.goldmansachs.com/insights/technology-driving-innovation/cars-2025/ 61 DeepGreen Metals, Inc. “Polymetallic Nodules.” https://deep.green/nodules/ 62 United Nations Convention on the Law of the Sea. Preamble. 63 Blasiak et al. “Corporate Control and Global Governance of Marine Genetic Resources.” Science Advances 4 (6): eaar5237– eaar5237. (2018) https://doi.org/10.1126/sciadv.aar5237. 64 Jaquet, Jennifer. Is Shame Necessary? New Uses for an Old Tool. Vintage Books (2015) 15
sought by those contractors to the public in the future.65 I have focused my literature collection on sources that discuss the present or future business ties of the entities that hold mining contracts with the ISA as well as more general projections of resource demand.
I have observed two broad trends within existing studies: some focus on ownership and beneficiaries of the companies and states involved in exploration,6667 while others focus on the markets that deep-sea minerals may be sold into.68 In the interest of brevity, I will refer to these different types of analysis as the
“beneficial ownership approach” and the “demand approach” respectively.
The Beneficial Ownership approach
Organizations that use the beneficial ownership approach to investigate the companies involved with
DSM seek to identify the actors that are trying to benefit from mining and bring them to readers’ attention.6970 The most recent project of this kind, Greenpeace’s Deep Trouble report released in
December of 2020, provides a quote which accurately portrays the thesis of documents that use the beneficial owner approach:
“The deep sea mining industry, while yet to begin commercial operations, has become dominated by a small number of private companies seeking sponsorship through nations where they, and even their subsidiaries, have limited presence… It is increasingly clear that far from upholding the principles of stewardship of ‘the common heritage of [hu]mankind’ and the protection of the marine environment… opening up the international seabed to commercial mining will help the rich get richer while worsening the international inequities of environmental harm.”71
65 Kirchain et al. “Report to the International Seabed Authority on the Development of an Economic Model and System of Payments for the Exploitation of Polymetallic Nodules in the Area.” MIT Material Systems Laboratory. (2019) 29. 66 Greenpeace. “Deep Trouble: The murky world of the deep sea mining industry.” (2020) 67 MiningWatch Canada, Deep Sea Mining Campaign, and London Mining Network. “Why the Rush? Seabed Mining in the Pacific Ocean.” (2019) 68 Kirchain et al. (2019) 29. 69 Greenpeace (2020). 70 Miningwatch Canada (2019). 71 Greenpeace. “Deep Trouble: The murky world of the deep sea mining industry.” (2020) 31. 16
This report and others like it offer several key findings about the ownership of DSM contractors.
Greenpeace finds that, while the ISA has issued 31 exploration contracts to 22 separate entities, “nearly a third of these contracts involve private companies, largely headquartered in North America and
Europe.”72 To show these connections, Greenpeace synthesizes publicly available press releases,73 news articles,74 corporate filings with governments,75 and ISA documents.76 In doing so, it shows that “half of the 16 contracts to explore for minerals in the Clarion-Clipperton-Zone,” one of the key regions for planned mining of polymetallic nodules, are “dominated by just four entities – including three private companies… working through networks of sub-contractors, partnerships or subsidiaries.”77 These three companies, Canadian-registered DeepGreen Metals, Belgian corporate DEME, and US arms manufacturer Lockheed Martin, control significantly more mining exploration area than can be easily identified by looking at maps of exploration contracts: DeepGreen controls contracts under three different names, DEME controls two, and Lockheed Martin is involved with three separate exploration contracts through its UK subsidiary.78 Focus on these three companies is echoed in articles written by the Deep Sea
Conservation Coalition, 79 which has also produced a list of all companies it believes to have an interest in deep-sea mining.80
Another advocacy-focused report, “Why the Rush? Seabed Mining in the Pacific Ocean” emphasizes the contractors that deep-sea mining company DeepGreen is involved with: Tonga Offshore Mining Ltd.,
Nauru Ocean Resources Inc., and Marawa Research and Exploration Ltd, with a similar focus on provoking public indignation at the actions taken by corporate actors seeking control of deep ocean
72 Greenpeace (2020) 2. 73 e.g. Jamaican Ministry of Foreign Affairs and Trade “Blue Minerals Ltd to Lead Jamaica’s Pursuits in Deep Seabed Mining.” 2019. https://mfaft.gov.jm/jm/blue-minerals-ltd-to-lead-jamaicas-pursuits-in-deepseabed-mining/ 74 e.g. Richardson, Michael. “Mining for riches deep under oceans.” The Straits Times. 2013. https://cil.nus.edu.sg/wp- content/uploads/2017/11/Michael-Richardson-Mining-for-riches-deep-under-oceans.pdf 75 e.g. Companies House “UK Seabed Resources Limited.” https://find-and-update.company- information.service.gov.uk/company/08058443/filing-history 76 ISA. ISBA/17/C/9, 11-22. 2011, 17th Session. https://isa.org.jm/files/files/documents/isba-17c-9_1.pdf 77 Greenpeace (2020) 2. 78 Greenpeace (2020) 8. 79 Deep Sea Conservation Coalition. “The Main Players.” http://www.savethehighseas.org/deep-sea-mining/the-main-players/ 80 Deep Sea Conservation Coalition. “Companies with an interest in deep seabed mining.” (2017) http://www.savethehighseas.org/wp-content/uploads/2017/03/Table_Companies-with-an-interest-in-deep-seabed- mining_May2017.pdf 17
resources.81 All of these reports prioritize exposing the ownership of companies connected to deep-sea mining with the goal of encouraging accountability through exposure. Interestingly, every non-state entity that currently holds an exploration contract with the ISA is exploring for polymetallic nodules (PMN), 82 which mainly consist of manganese, nickel, cobalt, and copper, as opposed to exploring for Seafloor
Massive Sulfides (SMS) or Cobalt Crusts (CC.)83 PMN also contain smaller but globally significant amounts of Lithium, Molybdenum, Yttrium, Zirconium, and Rare Earth Elements, which have become sources of global political interest because China currently controls 95% of Rare Earth Element resources.84 This suggests that corporate interest in and industry demand for these metals may be the most immediately important to pay attention to of any of the materials that can be extracted through DSM.
The Demand Approach
The other end of the scale is held down by those who attempt to investigate likely markets and buyers for deep-sea minerals: the “demand approach.”8586 As the focus of this paper is on identifying the pathways that most significantly connect future DSM operations to consumers, these are the sources which I engage with more directly, though results from the beneficial ownership approach can be useful in offering potential customers when demand approach results are insufficient. Because it deals with the future of an industry that has not begun at scale yet, the research I review that uses the demand approach is more tentative in its predictions than that which pursues the beneficial ownership approach, emphasizing caveats and uncertainties.8788 The entities exploring demand for resources of interest to DSM are also much more diverse in their priorities. The ISA itself has commissioned a study by the MIT Material
81 MiningWatch Canada, Deep Sea Mining Campaign, and London Mining Network. “Why the Rush? Seabed Mining in the Pacific Ocean.” (2019) 82 ISA. “Exploration Contracts.” https://isa.org.jm/deep-seabed-minerals-contractors 83 MIDAS. “Polymetallic Nodules.” https://www.eu-midas.net/science/nodules 84 Hein et al. “Deep-Ocean Mineral Deposits as a Source of Critical Metals for High- and Green-Technology Applications: Comparison with Land-Based Resources.” Ore Geology Reviews 51 (2013): 1–14. https://doi.org/10.1016/j.oregeorev.2012.12.001 85 Hund, Kirsten, Daniele La Porta, Thao P Fabregas, Tim Laing, and John Drexhage. “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” The World Bank. (2020) 86 Kirchain et al. “Report to the International Seabed Authority on the Development of an Economic Model and System of Payments for the Exploitation of Polymetallic Nodules in the Area.” MIT Material Systems Laboratory. (2019) 87 Hund et al. (2020) 28. 88 Kirchain et al. (2019) 6. 18
Systems Laboratory which includes metal price and demand predictions as part of a wider report on options for developing a system of payments for contractor PMN exploitation.89 The existence of a report dedicated to PMN and the lack of similar reports focused on other deep-sea resources supports the idea that PMN are the resource ISA contractors are closest to mining. This study by Kirchain et al. uses expert opinions to predict the long-term prices of cobalt, nickel, and copper, all of which are expected to grow significantly even when uncertainty is considered.90 Cobalt and nickel in particular are expected to experience demand increases due to “the need for these materials in batteries for electric vehicles and other applications.”91 The paper warns, however, that it is possible that recent cobalt price spikes could lead to a drop in demand as battery producers have begun to “expend considerable effort on finding technical solutions that use far less cobalt.”92
Likely growth in market demand for cobalt is addressed in greater depth in another paper by Fu et al.,
“Perspectives on Cobalt Supply through 2030 in the Face of Changing Demand.”93 According to them, the market for cobalt in particular is likely to shift drastically by 2030.94 While cobalt use has historically been “dominated by electronics,” Fu et al. predict that batteries for electric vehicles (EVs) could account for up to 70% of total battery demand by 2030, requiring between 115 and 250 kilotons of cobalt annually.95 This is compared to electronics, which are projected to demand 46-78 kilotons of cobalt, other battery applications, which are projected to demand 21-30 kilotons, and nonbattery applications, which are projected to demand 52-60.5 kilotons.96 Increases in demand are also expected for nickel and copper.9798 A 2018 study by Pariser et al. states that “the increased electrification of automotive transport”
89 Kirchain et al. (2019) 30. 90 Kirchain et al (2019) 30. 91 Kirchain et al (2019) 29. 92 Kirchain et al (2019) 29. 93 Fu et al. “Perspectives on Cobalt Supply through 2030 in the Face of Changing Demand.” Environmental Science and Technology 54: 2985-2993 (2020) 94 Fu et al. “Perspectives on Cobalt Supply through 2030 in the Face of Changing Demand.” Environmental Science and Technology 54: 2985-2993 (2020) 95 Fu et al (2020) 2989. 96 Fu et al. (2020) 2989. 97 Pariser et al. “Changing nickel and chromium stainless steel markets- a review.” The Journal of the Southern African Institute of Mining and Metallurgy 118. (2018). 563. http://dx.doi.org/10.17159/2411-9717/2018/v118n6a1 98 Schipper et al. “Estimating global copper demand until 2100 with regression and stock dynamics.” Resources, Conservation & Recycling 132 (2018). 28. https://doi.org/10.1016/j.resconrec.2018.01.004 19
will likely lead to “higher requirements for nickel in batteries” which may cause relative demand for nickel in stainless steel, the use of 68% of mined nickel as of 2017, to decline.99 A 2018 study by
Schipper et al. similarly predicts a rise in copper demand “due to copper’s indispensable role in modern technologies,” with especially strong growth predicted “in scenarios with a high share of renewable energy, in which a much higher copper intensity for the electricity system and the transport sector is seen.”100
It is important to note that a projected increase in demand for minerals that are found in the deep ocean is not the same thing as a projected increase in demand for minerals from the deep ocean. Fu et al.,101
Pariser et al.,102 and Schipper et al.,103 for example, do not mention the deep sea in their discussions of future mineral supply and demand. There are some cases where such studies do address DSM: In a technical report by the European Commission’s Joint Research Center, Alves Dias et al. claim that DSM could “account for nearly 21% of the additional cobalt capacity that may come on stream by 2026.”104
They note, though, that “feasibility of such projects has still to be demonstrated.”105
The lack of concrete connections between deep-sea resources and future mineral demand means that care must be taken in projecting the industries that deep-sea minerals may supply. Comments from mining contractors, though, offer some support to the idea that the intent of at least some contractors is to help meet the demand expectations mentioned above. DeepGreen Metals, a company which holds exploration contracts with the ISA and plans to mine polymetallic nodules in the Clarion-Clipperton Fracture Zone
(CCZ), focuses on demand for EV batteries in its report advocating for deep-sea mining “Where Should
Minerals for the Green Transition Come From?”106 Contractor Global Sea Mineral Resources NV (GSR)
99 Pariser et al. (2018). 28. 100 Schipper et al. (2018) 28. 101 Fu et al. (2020) 102 Pariser et al. (2020) 103 Schipper et al. (2020) 104 Alves Dias et al. “Cobalt: demand-supply balances in the transition to electric mobility.” European Commission. (2018). 50. 105 Alves Dias et al. (2018) 50. 106 Paulikas, Daina, Steven Katona, Erika Ilves, Greg Stone, and Anthony O’Sullivan. “Where Should Metals for the Green Transition Come From?” DeepGreen Metals Inc. (2020) 5. 20
cites “sustainable development” as a key reason for its interest in deep-sea mining,107 while China
Minmetals cites supporting “green and sustainable technologies” as one of its main reasons.108 These statements should be taken with a grain of salt, as contractors may be incentivized to portray themselves positively to the public by emphasizing their commitment to sustainable products, but the fact that these claims align with the future demand scenarios projected above deserves attention.
While perspectives are split between different sources about whether DSM is necessary or worthwhile to fulfill future demand for batteries,109 management consulting firm McKinsey and Company agrees that the “EV revolution” will be the underlying driver for increases in cobalt and nickel demand over the next several years.110111 Its report “Lithium and Cobalt: A Tale of Two Commodities” also predicts that China will account for the purchase of 50 to 60% of these EVs in 2030, though demand for EVs and the metals in their batteries will be impacted by factors including environmental concerns.112 This report also diverges slightly from the others by predicting that other applications, like grid electricity storage and heavy vehicles, will begin to make up ground against personal vehicle demand for battery materials after
2025.113 One recent example of expected growth in EV demand for the minerals that can be found in the deep sea is the Biden Administration’s “American Jobs Plan” in the United States, which in one section proposes “a $174 billion investment to win the EV market” from China.114
107 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by G-TEC Sea Mineral Resources NV.” ISBA/18/C/19 (2012) 108 ISA. “Report and Recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by China Minmetals Corporation.” ISBA/21/C/2 (2015) 109 Christiansen and Unger. “Deep Seabed mining could inflict considerable direct and indirect harm.” Geographical (2020) http://geographical.co.uk/opinion/item/3717-deep-seabed-mining-could-inflict-considerable-direct-and-indirect-harm-sabine- christiansen-and-sebastian-unger 110 McKinsey and Company. “The Future of Nickel: A Class Act.” (2017) 3. https://www.mckinsey.com/~/media/McKinsey/Industries/Metals%20and%20Mining/Our%20Insights/The%20future%20of%20 nickel%20A%20class%20act/The%20future%20of%20nickel%20A%20class%20act.ashx 111 McKinsey and Company. “Lithium and Cobalt: A Tale of Two Commodities.” (2018) 2. https://www.mckinsey.com/~/media/mckinsey/industries/metals%20and%20mining/our%20insights/lithium%20and%20cobalt% 20a%20tale%20of%20two%20commodities/lithium-and-cobalt-a-tale-of-two-commodities.pdf 112McKinsey and Company. 5. 113 McKinsey and Company. 5. 114 The White House Briefing Room. “FACT SHEET: The American Jobs Plan.” (2021) https://www.whitehouse.gov/briefing- room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/ 21
Perhaps the most comprehensive analysis of demand for metals and minerals for the anticipated “energy transition” over the next several decades, including those that are of interest to DSM companies, is the
World Bank report “Minerals for Climate Action: The Mineral Intensity of the Clean Energy
Transition.”115 In this report, Hund et al. investigate future areas of demand in “clean energy technologies” for several minerals of interest, including the cobalt and nickel discussed above as well as copper and manganese.116 They agree with the other reports discussed that the largest increases in demand for cobalt and nickel will likely be for energy storage technologies through at least 2030 and possibly
2050, though potential shifts in battery chemistry make this difficult to predict.117 Manganese will likely be demanded for these same batteries as well as for carbon capture and storage (CCS) technology, but this expected annual demand increase by 2050 represents only 4% of annual manganese production in
2018.118 Copper is needed for electrification, but annual demand for it by 2050 in energy technologies is similarly expected to represent only 7% of annual production in 2018.119 Of the main metals present in polymetallic nodules, demand for nickel and cobalt is expected to increase the most drastically because of their uses in “energy technologies” in the coming decades.120 Hund et al. predict a 99% increase in annual nickel supply and a 460% increase in annual cobalt supply will be necessary for this purpose by 2050.121
It is likely that more of this increase in demand will be tied to energy storage than to use in electricity production by 2050.122
Hund et al. also offer insight into what sectors represent the most dominant uses of these minerals within energy storage applications. While grid-scale energy storage is currently the dominant form, they argue that automotive storage will likely pass 50% of total energy storage growth during the 2020s and may
115 Hund, Kirsten, Daniele La Porta, Thao P Fabregas, Tim Laing, and John Drexhage. “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” The World Bank. (2020) 116 Hund et al. (2020) 117 Hund et al. (2020) 29. 118 Hund et al. (2020) 103. 119 Hund et al. (2020) 103. 120 Hund et al. (2020) 103. 121 Hund et al. (2020) 103. 122 Hund et al. (2020) 91. 22
account for up to 90% of growth by 2050.123 Exact characteristics of storage capacity and mineral demand, however, depend on the speed and particulars of global energy transitions.124 Hund et al. caution that minerals to be used for energy storage have “the highest level of [demand] uncertainty post-2030” compared to other minerals due to “the number of energy storage subtechnologies currently at the research and development stages” as well as “different policy choices and market forces.”125
Overall, the literature on expected beneficiaries and buyers of deep-sea minerals offers several key points.
On the international seabed, PMN are most likely to be the deep-sea resources harvested first because private companies hold exploration contracts for them126 and because ISA payment regime planning has focused on their future exploitation.127 These nodules mainly consist of manganese, copper, nickel, and cobalt,128 and future demand is expected to grow the most compared to current production for nickel and cobalt.129 Rare Earth Elements are also potential sources of PMN demand due to their use in electrical infrastructure and green and emerging technologies,130 though they are not mentioned in the plans of mining companies like DeepGreen.131 Almost all growth in cobalt demand and over half of growth in nickel demand for energy technologies may come from the energy storage sector,132 though this does not necessarily mean that minerals harvested from the deep sea will be used this way. Much of the increase in
123 Hund et al. (2020) 14. 124 Hund et al. (2020) 14. 125 Hund et al. (2020) 12. 126 ISA. “Exploration Contracts.” https://isa.org.jm/deep-seabed-minerals-contractors 127 Kirchain et al. “Report to the International Seabed Authority on the Development of an Economic Model and System of Payments for the Exploitation of Polymetallic Nodules in the Area.” MIT Material Systems Laboratory. (2019) 128 MIDAS. “Polymetallic Nodules.” https://www.eu-midas.net/science/nodules 129 Hund et al. (2020) 103. 130 Hein et al. “Deep-Ocean Mineral Deposits as a Source of Critical Metals for High- and Green-Technology Applications: Comparison with Land-Based Resources.” Ore Geology Reviews 51 (2013): 1–14. https://doi.org/10.1016/j.oregeorev.2012.12.001. 131 DeepGreen Metals Inc. “DeepGreen, Developer of the World’s Largest Estimated Resource of Battery Metals for EVs, to Combine with Sustainable Opportunities Acquisition Corporation.” (2021) https://deep.green/wp- content/uploads/2021/03/FINAL-PRESS-RELEASE-3.4.21_1.pdf 132 Hund et al. (2020) 91. 23
demand for batteries may come from the automotive industry for use in EVs.133134 In almost every case, these predictions are tempered with a serious level of caution.135136 As Hund et al. state:
“Technologies involved in the clean energy transition are emerging, evolving, and improving rapidly through innovation and increased deployment. Thus, the way in which the low-carbon transition will emerge is very difficult to predict.”137
These studies are useful for projecting possible futures for deep-sea resource use. What is missing, however, is the specificity needed to drive public engagement with “the common heritage of mankind.”138
While the above researchers identify the companies seeking to benefit from DSM as well as the industries that may use their products, the individual companies that will be selling products made with deep-sea minerals to consumers remain ambiguous. The specificity of these studies is not granular enough to pick out the specific companies in fields like technology or automotive industries and only provides vague impressions of where these minerals that contractors are planning to remove from the international seabed will go.
Such vagueness is understandable. Predictions about demand for minerals found in the deep sea are highly tentative and based on changing considerations like battery composition.139 The fact that no commercial-scale deep-sea mining operation has happened yet in the Area also limits conclusions about buyers, as no such deep-sea minerals have yet been sold.140 In order to help prepare for the potential onset of deep-sea mining and to identify the markets connected to it, I look into which specific companies are likely to buy and sell materials harvested through DSM. I contend that thoroughly understanding these
133 Hund et al. (2020) 14. 134 Pariser et al. “Changing nickel and chromium stainless steel markets- a review.” The Journal of the Southern African Institute of Mining and Metallurgy 118. (2018). 563. http://dx.doi.org/10.17159/2411-9717/2018/v118n6a1 135 Kirchain et al. “Report to the International Seabed Authority on the Development of an Economic Model and System of Payments for the Exploitation of Polymetallic Nodules in the Area.” MIT Material Systems Laboratory. (2019) 29. 136 Alves Dias et al. “Cobalt: demand-supply balances in the transition to electric mobility.” European Commission. (2018). 50. 137 Hund et al. (2020) 93. 138 United Nations Convention on the Law of the Sea. Preamble. 139 Hund et al. (2020) 12. 140 ISA. “Draft Exploitation Regulations.” https://isa.org.jm/mining-code/ongoing-development-regulations-exploitation-mineral- resources-area 24
connections offers a better opportunity to show people that deep-sea mining is directly connected to their lives than more vague assertions about industries. This would make it easier for people to act in a way that is consistent with their priorities and would allow organizations to produce meaningful, specific calls to action141 that influence brand reputation, such as encouraging consumers to buy from or lobby specific companies or convincing shareholders to take a stand. Such action may impact the priorities of companies buying deep-sea minerals, which could then influence companies further up the product chain all the way to mining contractors with the ISA, encouraging them to act in a way consistent with the priorities of humankind on the international seabed. These methods have been effective in other cases,142143 including those involving natural resources: In 2014, for example, Greenpeace Canada succeeded in convincing electronics retailer Best Buy to significantly reduce the amount of paper it purchased from Resolute
Forest Products, a “controversial logging company,” by applying public pressure to Best Buy’s supply chain.144
Research Methods
To help enable public engagement with deep-sea mining issues, I collected information about the business connections and agreements of every ISA contractor for each contract they hold and the routes which
DSM minerals may pass through to reach end-user connected companies. This was done through searches of the ISA website, news articles, company webpages and press releases, shareholder reports, and United
States Securities Exchange Commission (SEC) filings. All information collected was freely and publicly
141 Christiano, Ann and Annie Newmand. “The Science of What Makes People Care.” Stanford Social Innovation Review. (2018) https://ssir.org/articles/entry/the_science_of_what_makes_people_care 142 Jaquet, Jennifer. Is Shame Necessary? New Uses for an Old Tool. Vintage Books (2015) 143 Blasiak et al. “Corporate Control and Global Governance of Marine Genetic Resources.” Science Advances 4 (6): eaar5237– eaar5237. (2018) https://doi.org/10.1126/sciadv.aar5237. 144 Gunther, Marc. “Under pressure: campaigns that persuaded companies to change the world.” The Guardian. (2015) https://www.theguardian.com/sustainable-business/2015/feb/09/corporate-ngo-campaign-environment-climate-change 25
available. Data about ISA contractors and their business ties were then entered into Excel for organization.
I first present a table using the ownership approach, identifying the beneficial owner behind each ISA contractor. For contractors that are private companies, these beneficial owners are other companies that the contractor is either a subsidiary of or has signed an offtake agreement with. In many cases, a contractor owned by a state entity has no firm plans for exploitation yet. When that is true, I list the beneficial owner as the government of the state. I also list the state in which each beneficial owner is headquartered, states that sponsored the relevant contractors’ exploration contract applications to the ISA, the regions and resource types that the contractors are exploring, and the total seabed area within exploration contracts connected to each beneficial owner.
Following the table, I examine the beneficial owners I have identified. This section begins with summaries of my results for beneficial ownership, resources to be explored and/or exploited, and confirmed or likely resource buyers. Then, I explore each beneficial owner and its associated ISA contractors in depth. This allows me to offer predictions of industries and companies that are most likely to rely on particular DSM contractors in the future. 26
Table 1: Control of Mining Exploration Contracts in the Area
Beneficial Owner Beneficial Owner ISA Contractors Contractor Mining Resource Types Total Contract HQ Country Working with Sponsor Regions Area (square km)* Beneficial Owner States
Ackermans and Van Belgium Global Sea Mineral Belgium, Cook CCZ PMN ~150,000 Haaren Resources (GSR), Cook Islands Islands Investment Corporation
DeepGreen Metals Canada Marawa Research and Kiribati, CCZ PMN ~225,000 Exploration Ltd., Tonga Tonga, Nauru Offshore Mining Ltd., Nauru Ocean Resources Inc. (NORI) Lockheed Martin United States of UK Seabed Resources United CCZ PMN ~133,000 Corporation America Ltd. Kingdom Keppel Corporation Singapore Ocean Mineral Singapore CCZ PMN ~58,000 Singapore Pte Ltd. Undisclosed** Unknown Blue Minerals Jamaica Jamaica CCZ PMN ~75,000 Ltd. Government of China China Beijing Pioneer Hi- China CCZ, Western PMN, SMS, CC ~235,000 Tech Development Pacific, Corporation, China Southwest Minmetals Corporation, Indian Ridge China Ocean Mineral Resources Research and Development Association (COMRA) Government of Japan Japan Deep Ocean Resources Japan CCZ PMN, CC ~78,000 Development Co. Ltd. (DORD), Japan Oil, Gas and Metals National Corporation (JOGMEC) Government of the Republic of Korea Government of the Republic of CCZ, Central PMN, SMS, CC ~88,000 Republic of Korea Republic of Korea Korea Indian Ridge, Western Pacific Ocean 27
Government of India India Government of India India Indian Ocean, PMN, SMS ~85,000 Central Indian Ocean Government of the Russia JSC Russia CCZ, Mid- PMN, SMS, CC ~88,000 Russian Federation Yuzhmorgeologiya, Atlantic Ridge, Government of the Magellan Russian Federation, Mountains Ministry of Natural Resources and Environment of the Russian Federation Interoceanmetal Joint Bulgaria, Cuba, Interoceanmetal Joint Bulgaria, CCZ PMN ~75,000 Organization Czech Republic, Organization Cuba, Czech Poland, Russia, Republic, Slovakia Poland, Russia, Slovakia Government of Poland Poland Government of the Poland Mid-Atlantic SMS ~10,000 Republic of Poland Ridge Government of Germany Federal Institute for Germany CCZ, Central PMN, SMS ~85,000 Germany Geosciences and Indian Ocean Natural Resources of Germany Government of France France Institut francais de France CCZ, Mid- PMN, SMS ~85,000 recherche pour Atlantic Ridge l'exploitation de la mer Government of Brazil Brazil Companhia De Brazil Rio Grande CC ~3,000 Pesquisa de Recursos Rise Minerais * Total Contract Area was calculated by adding together the contract areas of all ISA contractors working with each beneficial owner. Each exploration contract entitles the holder to explore “75,000 square kilometers” for PMN, “10,000 square kilometers” for SMS, or “3,000 square kilometers” for CRC.145 **The ISA LTC Recommendation to the ISA Council regarding the exploration contract application of Blue Minerals Jamaica states that “a shareholder and operational partner of the applicant was a multinational enterprise engaged for more than 35 years in carrying out challenging marine projects in the offshore oil and gas industry and currently engaged in the deep seabed mining sector.”146 The identity of this partner is undisclosed.
145 ISA. “Exploration Areas.” https://www.isa.org.jm/minerals/exploration-areas 146 ISA. “Report and Recommendations of the Legal and Technical Commission to the Council of the International Seabed Authority relating to an application for approval of a plan of work for exploration of polymetallic nodules by Blue Minerals Jamaica Ltd.” ISBA/26/C/22 (2020)
28
Beneficial Owner ISA contracts and business ties
Beneficial Ownership summary
There are currently 31 ISA contracts for deep-sea resource exploration.147 These contracts are controlled by just 15 beneficial owners. Of these beneficial owners nine are state governments, one is an intergovernmental organization, and five are non-state companies. 68% of contracts are beneficially owned by state governments, while 29% are beneficially owned by non-state companies and one contract is beneficially owned by an intergovernmental organization. China,148 Japan,149 and Russia150 have indicated companies that may take part in exploiting their contract areas in the future, but out of these only Japan’s contract through Deep Ocean Resources Development Co. Ltd. (DORD) involves any non- state companies.151 The other six state government beneficial owners (Brazil, the Republic of Korea,
France, Germany, Poland, and India) have not yet indicated any plans to involve companies in their exploration or exploitation contracts. Korea,152 France,153 and Germany154 have stated that their reason for holding ISA exploration contracts is to secure future resources for national industries to preserve their strategic independence. Non-state news sources have suggested the same for India, emphasizing a desire for mineral independence from China.155 This suggests that these state contractors may be more interested
147 ISA. “Exploration Contracts.” https://isa.org.jm/deep-seabed-minerals-contractors 148 ISA. “Report and Recommendations of the Legal and Technical Commission to the Council of the International Seabed Authority relating to an application for approval of a plan of work for exploration of polymetallic nodules by the Beijing Pioneer Hi-Tech Development Corporation.” ISBA/25/C/30 (2019) 149 Ifremer. “Consortia Nodules.” https://wwz.ifremer.fr/gm_eng/Understanding/Public-Authority-support/Deep-Sea-Mineral- Resources/Polymetallic-nodules/Nodule-consortia 150 ISA. ISBA/3/C/7 (1997) 151 Ifremer. 152 KIOST. “World’s First Verification Test of Deep-sea Manganese Nodule ‘Lifting System.’” (2016) http://www.kiost.ac.kr/cop/bbs/BBSMSTR_000000000281/selectBoardArticle.do;jsessionid=FACCE3A9C7DCD46F298ADF3 A5F5824E4?nttId=13810&kind=&mno=sitemap_12&pageIndex=3&searchCnd=&searchWrd= 153 Office of the Prime Minister of France “Strategie nationale relative a ‘lexploration et a l’exploitation minieres des grands fonds marins.” (2015) http://www.mineralinfo.fr/sites/default/files/upload/strategie_gfm_du_22_octobre_2015.pdf 154 BGR. “Manganese nodule exploration in the German license area.” https://www.bgr.bund.de/EN/Themen/MarineRohstoffforschung/Projekte/Mineralische-Rohstoffe/Laufend/manganknollen- exploration_en.html 155 Reuters. “India plans to dive deep for valuable minerals scattered on the seabed. But at what cost?” South China Morning Post (2018) India plans to dive deep for valuable minerals scattered on the seabed. But at what cost? | South China Morning Post (scmp.com) 29
in long-term geopolitical security of resource access for their businesses than in immediate exploitation of the seabed.
The five non-state companies acting as beneficial owners on the international seabed are Ackermans and
Van Haaren, DeepGreen Metals Inc., Lockheed Martin Corporation, Keppel Corporation, and Blue
Minerals Jamaica’s undisclosed partner. Ackermans and Van Haaren and DeepGreen control multiple contracts that are sponsored by Pacific Island Nations,156157 but Ackermans and Van Haaren is headquartered in Belgium158 and DeepGreen is headquartered in Canada.159 Lockheed Martin Corporation is based in the United States,160 while Keppel Corporation is based in Singapore.161 While Blue Minerals
Jamaica’s partner is confidential,162 its sister company, Blue Minerals, is based in the UK.163 Combined, these five non-state beneficial owners are prospecting about 641,000 square km of the international seabed through exploration contracts. This is 44% of the approximately 1,473,000 square km of the ocean floor assigned in exploration contracts to date. Blue Minerals Jamaica’s undisclosed partner is also an example of how opaque these DSM contracts covering wide areas of the seabed continue to be.
Resource summary
The literature review suggests that, based on studies commissioned by the ISA on developing a payment regime164 and on the priorities expressed by DSM companies like DeepGreen Metals,165 polymetallic
156 CIIC. “International Seabed Authority Contract Signing.” (2016) https://www.ciiconline.com/latestnews/international-seabed- authority-contract-signing/ 157 DeepGreen Metals Inc. “DeepGreen acquires third seabed contract area, with the potential to solve the supply bottleneck of critical battery metals.” https://deep.green/DeepGreen-acquires-third-seabed-contract-area-to-explore-for-polymetallic-nodules/ 158 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by G-TEC Sea Mineral Resources NV.” ISBA/18/C/19 (2012) 159 DeepGreen. “Company.” https://deep.green/company/ 160 Lockheed Martin. “UK Seabed Resources.” https://www.lockheedmartin.com/en-gb/products/uk-seabed-resources.html 161 ISA. “Report and recommendations to the Council of the ISA relating to an application for the approval of a plan of work for exploration by Ocean Mineral Singapore Pte Ltd.” ISBA/20/C/7 162 ISA. “Report and Recommendations of the Legal and Technical Commission to the Council of the International Seabed Authority relating to an application for approval of a plan of work for exploration of polymetallic nodules by Blue Minerals Jamaica Ltd.” ISBA/26/C/22 (2020) 163 Endole. “Blue Minerals Limited.” https://suite.endole.co.uk/insight/company/09792728-blue-minerals-limited 164 Kirchain et al. “Report to the International Seabed Authority on the Development of an Economic Model and System of Payments for the Exploitation of Polymetallic Nodules in the Area.” MIT Material Systems Laboratory. (2019) 30. 165 DeepGreen Metals Inc. “DeepGreen acquires third seabed contract area, with the potential to solve the supply bottleneck of critical battery metals.” https://deep.green/DeepGreen-acquires-third-seabed-contract-area-to-explore-for-polymetallic-nodules/ 30
nodules are the closest of the three resources managed by ISA to large-scale exploitation. My research results are consistent with this suggestion. 20 contracts have been signed for exploration of polymetallic nodules, while only seven and five contracts have been signed for seafloor massive sulfides and cobalt crusts respectively. Every non-state company involved with an ISA contract, including DeepGreen
Metals, Ackermans and Van Haaren, Lockheed Martin, and Blue Minerals Jamaica, is contracting solely for nodule exploration. In contrast, every contract for SMS or CC is held by a national government. This reaffirms the idea that PMN is the closest of the three resources to commercial exploitation, as non-state companies are willing to prospect for it. A focus on PMN narrows down the trail of metals that may be the most important to trace to consumers, as PMN consist mainly of manganese, nickel, copper, and cobalt.166
Official buyers summary
Of all beneficial owners, only DeepGreen Metals has a contract to sell seabed minerals: Half of the nickel from one of its mining sites is meant to be sold to Anglo-Swiss firm Glencore, a major metals trader.167
Three other beneficial owners, Japan, Russia, and China, have not made public plans to sell seabed minerals, but the state-owned ISA contractors they use for resource exploration have a history of selling similar materials to technology and battery companies.168169170 Likely buyers for the other eleven beneficial owners could not yet be identified.
166 MIDAS. “Polymetallic Nodules.” https://www.eu-midas.net/science/nodules 167 DeepGreen Metals. “DeepGreen, Developer of the World’s Largest Estimated Resource of Battery Metals for EVs, to Combine with Sustainable Opportunities Acquisition Corporation.” (2021) https://deep.green/wp- content/uploads/2021/03/FINAL-PRESS-RELEASE-3.4.21_1.pdf 168 JOGMEC. “Overview.” http://www.jogmec.go.jp/english/about/about001.html 169 Resource World. “Russia ready to increase domestic cobalt production—even under the Pacific Ocean.” (2020) https://resourceworld.com/russia-ready-to-increase-domestic-cobalt-production-even-under-the-pacific-ocean/ 170 Reuters Staff. “China Minmetals Launches Raw Materials Project for New Energy Battery.” Reuters (2018) https://www.reuters.com/article/china-metals-minmetals/china-minmetals-launches-raw-materials-project-for-new-energy- battery-idINL3N1YT1EP 31
Individual analysis of beneficial owners
Ackermans and Van Haaren
Ackermans and Van Haaren is a Belgian company with close ties to two ISA exploration contracts, both for PMN. One of these is under the name of Global Sea Mineral Resources (GSR) which Ackermans and
Van Haaren controls through its subsidiaries as detailed below.171 This contract is sponsored by
Belgium.172 The other contractor is listed as the Cook Islands Investment Corporation (CIIC).173 CIIC is a state-owned company of the Cook Islands.174 Exploitation of CIIC’s contract area, however, is meant to be carried out by GSR.175
GSR appears to be entirely dedicated to mining PMN for its Parent Company DEME, which primarily works in dredging and infrastructure solutions for offshore renewable energy, oil, and gas companies.176
DEME’s Parent Company is CFE,177178 and Belgian holding company Ackermans and Van Haaren, which has 230 subsidiaries179 doing business in “marine engineering & contracting, energy and resources, private banking, real estate, and senior care,”180 owns a 61% stake in CFE.181 This makes Ackermans and
Van Haaren the ultimate Parent Company of GSR and the beneficial owner of GSR’s and CIIC’s exploration contracts. DEME says that GSR’s reasons for mining include sustainable development and the opportunity to compete with traditional mining internationally since Belgium is a small country with
171 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by G-TEC Sea Mineral Resources NV.” ISBA/18/C/19 (2012) 172 ISA. (2012) 173 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by the Cook Islands Investment Corporation.” ISBA/20/C/18 (2014) 174 CIIC. “About CIIC.” https://www.ciiconline.com/about-ciic-2/ 175 CIIC. “International Seabed Authority Contract Signing.” (2016) https://www.ciiconline.com/latestnews/international-seabed- authority-contract-signing/ 176 DEME. “About us.” https://www.deme-group.com/about-us 177 DEME. “About GSR.” https://www.deme-gsr.com/about-gsr/ 178 CFE. “CFE: Stronger Together.” https://www.cfe.be/en/about-cfe 179 Ackermans and Van Haaren. “Company Profile.” https://www.dnb.com/business-directory/company- profiles.ackermans__van_haaren.71a5c6bb74158fde6e529d586cb09dc2.html 180 Ackermans and Van Haaren. Homepage. https://www.avh.be/ 181 Market Screener. “Compagnie d’Enterprises CFE S.A. (CFEB) https://www.marketscreener.com/quote/stock/COMPAGNIE- D-ENTREPRISES-C-5978/company/ 32
few natural resources.182183 DEME also claims that DSM is part of a strategy of innovation to offer the company a competitive edge.184 CIIC’s stated reason for mining is diversifying the Cook Islands’ economy and generating revenue from its resources.185 CIIC hopes that its agreement with GSR will eventually lead to deep-sea mining by GSR within the Cook Islands’ EEZ.186
GSR’s application for the contract under its own name indicated access to data from previous contract holder and fellow Belgian company Umicore, a global battery materials and recycling group.187 Umicore has a deal to supply Korean company LG Chem with nickel, manganese, and cobalt for batteries.188 LG
Chem makes some of EV company Tesla’s car batteries, and also creates batteries for companies including LG Electronics, Apple, Dell, Vinfast, Huawei, Bosch, TTi, ASUS, Lenovo, Stanley Black &
Decker, Volkswagen, General Motors, Hyundai, Ford, Mercedes-Benz, Porsche, Renault, Nissan,
Mitsubishi, Jaguar, Volvo, BMW, SMA, SoftBank, AES, Bayware, Nextera Energy, Siemens, Edison
International, Duke Energy, ABB, LG Chem Energy Solutions, and Hitachi.189190
DeepGreen Metals Inc.
DeepGreen is a Canadian company focused on deep-sea mining that is connected to three ISA exploration contracts, all for PMN.191 One contract is officially held by Marawa Research and Exploration Ltd., a
“state enterprise” of Kiribati,192 but Marawa has an offtake agreement with DeepGreen.193 Kiribati
182 ISA (2012) 183 DEME. “About GSR.” https://www.deme-gsr.com/about-gsr/ 184 DEME. “About us.” https://www.deme-group.com/about-us 185 DSMobserver. “Deep Sea Mining from a Pacific Island State perspective: An Interview with Cook Islands Seabed Minerals Commissioner Paul Lynch.” (2017) https://dsmobserver.com/2017/11/deep-sea-mining-paul-lynch/ 186 CIIC (2016) 187 Umicore. “About.” https://www.umicore.com/en/about/ 188 Umicore. “Umicore announces partnership with LG Chem for the supply of NMC cathode materials.” (2019) https://www.umicore.com/en/media/press/umicore-announces-partnership-with-lg-chem-for-the-supply-of-nmc-cathode- materials/ 189 Berman, Bradley. “With Tesla deal set, Chinese battery maker CATL makes plans to quadruple output.” Elektrek. (2020) https://electrek.co/2020/02/28/with-tesla-deal-set-chinese-battery-maker-catl-makes-plans-to-quadruple-output/ 190 LG Chem. “Global Advanced Materials Company.” https://www.lgchem.com/upload/file/introduce/2020_IntroductionofLGChem_ENG[11].pdf 191 DeepGreen. “Company.” https://deep.green/company/ 192 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by Marawa Research and Exploration Ltd.” ISBA/18/C/18 (2012) 193 Mining Watch Canada, Deep Sea Mining Campaign, and London Mining Network. “Why the Rush? Seabed Mining in the Pacific Ocean.” (2019) http://inhabitants-tv.org/nov2019_dsm_ep4/DSMcampaing_why-the-rush_doc.pdf 33
sponsors this contract.194 The second contract is held by Tonga Offshore Mining Ltd., a subsidiary of
DeepGreen sponsored by the Kingdom of Tonga.195196 The third contract is held by Nauru Ocean
Resources Inc. (NORI), a subsidiary of DeepGreen, and is sponsored by Nauru. 197198 DeepGreen plans to sell PMN for use in technology, particularly EV batteries, and has sold nothing yet.199 It intends to exploit the area contracted to its subsidiary NORI first, and expects to earn nearly half of its revenue from the site through sales of nickel as opposed to cobalt, manganese, or copper.200 This may speak to the quickly shifting nature of battery chemistries as battery companies become concerned about the cost, reputational risks, and stability of relying on cobalt mined in the Democratic Republic of Congo.201
DeepGreen’s stated reason for mining is providing resources for the clean energy transition.202 Marawa’s stated reason for mining is contributing to Kiribati development objectives given the country’s limited resource base.203 Current DeepGreen shareholders are Anglo-Swiss firm Glencore, a major metals trader and the world’s largest cobalt supplier,204 Danish shipping and supply chain logistics company Maersk,205 and Allseas, a Swiss subsea construction company.206207 No ownership percentages could be identified for these shareholders. A reverse takeover of DeepGreen by DV Resources, a “publicly traded mineral
194 ISA (2012) 195 Mining Watch Canada et al (2019) 196 ISA. “Report and recommendations to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by Tonga Offshore Mining Limited.” (2011) ISBA/17/C/10* 197 Nauru Ocean Resources Inc. “Comments by Nauru Ocean Resources Inc. (NORI) on the Zero Draft Exploitation Code.” https://www.isa.org.jm/files/documents/EN/Regs/DraftExpl/Comments/NORI.pdf 198 ISA. “Report and recommendations to the Council of the ISA relating to an application for the approval of a plan of work for exploration for the approval of a plan of work for exploration for polymetallic nodules by Nauru Ocean Resources Inc.” ISBA/17/C/9 (2011) 199 DeepGreen Metals Inc. “DeepGreen acquires third seabed contract area, with the potential to solve the supply bottleneck of critical battery metals.” https://deep.green/DeepGreen-acquires-third-seabed-contract-area-to-explore-for-polymetallic-nodules/ 200 DeepGreen Metals Inc. “Revolutionizing the Mineral Supply Chain for Fast Growing EV Demand: Investment summary for The Metals Company, Inc.” (2021) https://www.sec.gov/Archives/edgar/data/0001798562/000121390021013491/ea137056ex99- 2_sustainable.htm 201 Airhart, Ellen. “Alternatives to Cobalt, the Blood Diamond of Batteries.” Wired. (2018) https://www.wired.com/story/alternatives-to-cobalt-the-blood-diamond-of-batteries/ 202 DeepGreen Metals Inc. “Our Story.” https://deep.green/journey/ 203 ISA. “Application for approval of a plan of work for exploration for polymetallic nodules in the Area by Marawa Research and Exploration Ltd.” (2012) ISBA/18/LTC/L.6 204 Sokolidou, Anna. “The Glencore share price is down 36%! Is it worth buying?” The Motley Fool. (2020) https://www.fool.co.uk/investing/2020/06/19/the-glencore-share-price-is-down-36-is-it-worth-buying/ 205 Maersk. “About A.P. Moller-Maersk” https://www.maersk.com/ 206 Allseas. “Company.” https://allseas.com/company/ 207 SEC. “DeepGreen and SOAC Investor Call Transcript.” (2021) https://www.sec.gov/Archives/edgar/data/0001798562/000121390021013491/ea137056ex99-1_sustainable.htm 34
exploration company managed by… Fiore Management and Advisory” as a means for DeepGreen to go public was announced in May of 2017,208209 but was allowed to lapse by October of the same year.210 As of March 2021, DeepGreen plans to combine with the special purpose acquisition company “Sustainable
Opportunities Acquisition Corporation” to go public as “The Metals Company.”211 SOAC is headquartered in Dallas but is incorporated in the Cayman Islands.212
DeepGreen has an offtake agreement with its investor Glencore to sell half of the copper and nickel produced at its NORI site.213 Glencore has increasingly been creating long-term agreements to sell metals like cobalt directly to battery makers and car companies that are concerned about supply risks.214 Recent deals include direct sales of cobalt to Tesla,215 BMW,216 Samsung SDI,217 and SK Innovation.218 Samsung
SDI makes batteries for information technology, cars, and energy storage systems.219 SK Innovation sells batteries to companies including Volkswagen and Ford.220 Glencore previously made a deal to sell cobalt to Chinese Battery Maker GEM and German car company Volkswagen, but this deal was cancelled by a
208 Humphreys, Tommy. “Mining’s Tesla moment: DeepGreen harvests clean metals from the seafloor.” CEO.CA. (2017) https://ceo.ca/@tommy/minings-tesla-moment-deepgreen-harvests-clean-metals-from-the-seafloor 209 FSCwire. “DV Resources Ltd. Announces Acquisition of DeepGreen Resources.” CEO.CA. (2017) https://ceo.ca/@fscwire/dv-resources-ltd-announces-acquisition-of-deepgreen 210 DV Resources Ltd. “DV Resources Business Combination with DeepGreen Resources has Lapsed.” Markets Insider. (2017) DV Resources Business Combination with DeepGreen Resources has Lapsed | Markets Insider (businessinsider.com) 211 DeepGreen Metals. “DeepGreen, Developer of the World’s Largest Estimated Resource of Battery Metals for EVs, to Combine with Sustainable Opportunities Acquisition Corporation.” (2021) https://deep.green/wp- content/uploads/2021/03/FINAL-PRESS-RELEASE-3.4.21_1.pdf 212 SEC. “Sustainable Opportunities Acquisition Corp.” CIK #0001798562. https://sec.report/CIK/0001798562 213 DeepGreen Metals. “DeepGreen, Developer of the World’s Largest Estimated Resource of Battery Metals for EVs, to Combine with Sustainable Opportunities Acquisition Corporation.” (2021) https://deep.green/wp- content/uploads/2021/03/FINAL-PRESS-RELEASE-3.4.21_1.pdf 214 Glencore. “SK Innovation to secure significant volume of cobalt in long-term supply deal with Glencore.” (2019) https://www.glencore.com/media-and-insights/news/sk-innovation-to-secure-significant-volume-of-cobalt-in-long-term-supply- deal-with-Glencore 215 Home, Andy. “Column: Tesla’s reluctant commitment to cobalt a warning to others.” Reuters (2020) https://www.reuters.com/article/us-tesla-cobalt-ahome/column-teslas-reluctant-commitment-to-cobalt-a-warning-to-others-andy- home-idUSKBN23U20Q 216 Home, Andy (2020) 217 Glencore. “Samsung SDI and Glencore extend their long term strategic cobalt partnership.” (2020) https://www.glencore.com/media-and-insights/news/samsung-sdi-and-glencore-extend-their-long-term-strategic-cobalt- partnership 218 Glencore. “SK Innovation to secure significant volume of cobalt in long-term supply deal with Glencore.” (2019) https://www.glencore.com/media-and-insights/news/sk-innovation-to-secure-significant-volume-of-cobalt-in-long-term-supply- deal-with-Glencore 219 Samsung SDI. “About SDI.” https://www.samsungsdi.com/about-sdi.html 220 Reuters Staff. “SK Innovation to start building second EV battery plant in United States.” https://www.reuters.com/article/us- sk-innovation-electric/sk-innovation-to-start-building-second-ev-battery-plant-in-united-states-idUSKCN22B0IJ 35
drop in cobalt prices.221 Glencore also has a deal to sell cobalt to Umicore, whose products and customers are described in the above entry for Ackermans and Van Haaren.222
Lockheed Martin Corporation
Lockheed Martin is a U.S. headquartered company that is directly tied to two PMN exploration contracts.
Both are controlled by UK Seabed Resources Ltd (UKSRL), 223 “a wholly owned subsidiary of
Lockheed Martin’s UK subsidiary, Lockheed Martin UK.”224225 Lockheed Martin also owns a minority stake in contractor Ocean Mineral Singapore.226 Though no specific percentage could be identified,
Lockheed Martin’s stake in Ocean Mineral Singapore is smaller than 22%.227 Lockheed Martin’s primary products are security and aerospace technologies, and its main customers are the US Department of
Defense and federal agencies.228 No customers were identified for any PMN minerals specifically.
UKSRL’s stated reasons for mining are meeting the growing global demand for minerals, supporting economic growth, and supplying resources needed for construction, aerospace technology, alternative energy, communications, and other applications.229
Keppel Corporation
Keppel Corporation is a partially state-owned Singaporean company that is connected to one exploration contract for PMN.230 The contract is officially held by Ocean Mineral Singapore (OMS), which Keppel
221 Biesheivel, Thomas. “China’s GEM is to Stop Buying Cobalt from Glencore.” Bloomberg (2018) https://www.bloomberg.com/news/articles/2018-12-14/china-s-gem-is-said-to-stop-buying-cobalt-from-glencore 222 Mining IR. “Glencore’s cobalt supply deal could leave electric vehicle makers short.” (2019) https://miningir.com/glencores- cobalt-supply-deal-could-leave-electric-vehicle-makers-short/ 223 ISA. “Minerals: Polymetallic Nodules” https://isa.org.jm/exploration-contracts/polymetallic-nodules 224 Lockheed Martin. “UK Seabed Resources.” https://www.lockheedmartin.com/en-gb/products/uk-seabed-resources.html 225 Lockheed Martin. “Lockheed Martin UK.” https://www.lockheedmartin.com/en-gb/index.html 226 Papua New Guinea Mine Watch. “Keppel gets into ocean mining.” (2013) https://ramumine.wordpress.com/tag/ocean- mineral-singapore/ 227 Keppel Corporation. “Joint Venture Agreement with UK Seabed Resource Ltd. and Lion City Capital Partners Pte. Ltd” (2013) http://www.kepcorp.com/en/download.ashx?id=4877 228 Lockheed Martin. “Products.” https://www.lockheedmartin.com/en-us/products.html 229 Lockheed Martin. “UK Seabed Resources.” https://www.lockheedmartin.com/en-gb/products/uk-seabed-resources.html 230 ISA. “Report and recommendations to the Council of the ISA relating to an application for the approval of a plan of work for exploration by Ocean Mineral Singapore Pte Ltd.” ISBA/20/C/7 36
Corporation has a 78% stake in. 231 One minority shareholder of OMS is UK Seabed Resources Ltd., which is fully owned by Lockheed Martin Corporation, while the other is Lion City Capital Partners.232
The percentages of these minority shareholders could not be identified. Keppel Corporation’s largest shareholder is the Singaporean government, which owns a dominant 21% stake through Temasek
Holdings Pte Ltd. 233 This gives the Singaporean government power in voting and decision-making at
Keppel. OMS is focused exclusively on PMN mining, while Keppel Corporation conducts business in offshore and marine infrastructure, property investment and development, energy, engineering, telecommunications, and transport.234 No customers were identified for PMN specifically. Analysts have suggested that OMS’s reason for mining may be to help Keppel Corporation diversify its offshore and marine business, which has been facing challenges from Chinese and Korean competitors.235
Undisclosed/Blue Minerals Jamaica Limited
The one exploration contract assigned to Blue Minerals Jamaica Ltd is being supported by an undisclosed “shareholder and operational partner.”236 The ISA LTC recommendation on the application for an exploration contract from Blue Minerals Jamaica described this partner as “a multinational enterprise engaged for more than 35 years in carrying out challenging marine projects in the offshore oil and gas industry and currently engaged in the deep seabed mining sector”237 but provided no further information. No publicly available business ties were found. Blue Minerals Jamaica’s address is in
Kingston, Jamaica, and the contract is sponsored by Jamaica.238 Blue Minerals Jamaica’s likely sister
231 Teng, Angela, and Lynn Kan. “Keppel goes deep, looks to seafloor mining.” The Business Times. (2013) https://arl.nus.edu.sg/twiki6/pub/ARLab/MediaCoverage/BusinessTimes_Keppel.pdf 232 Papua New Guinea Mine Watch. “Keppel gets into ocean mining.” (2013) https://ramumine.wordpress.com/tag/ocean- mineral-singapore/ 233 Market Screener. “Keppel Corporation Limited.” https://www.marketscreener.com/quote/stock/KEPPEL-CORPORATION- LIMITE-6492087/company/ 234 Bloomberg.com. “Keppel Corporation Ltd. Company Profile.” https://www.bloomberg.com/profile/company/SG1U68934629:US 235 Teng and Kan (2013) 236 ISA. “Report and Recommendations of the Legal and Technical Commission to the Council of the International Seabed Authority relating to an application for approval of a plan of work for exploration of polymetallic nodules by Blue Minerals Jamaica Ltd.” ISBA/26/C/22 (2020) 237 ISA (2020) 238 ISA (2020) 37
company is Blue Minerals Ltd., a dormant UK company.239 Little information is available about either, but Blue Minerals Jamaica’s CEO, Peter Jantzen, is also Blue Minerals Ltd’s director.240 Neither Blue
Minerals nor Blue Minerals Jamaica have sold anything yet, and both appear to exist solely for future mining of PMN.241242 No customers were identified. Blue Minerals Jamaica’s stated reason for mining is growing its own business while contributing to the Jamaican economy.243244
Government of China
The Government of China currently has control of five contracts with the ISA through state-owned companies, all of which China sponsors directly. The contracts encompass all three types of resources:
PMN, SMS, and CC. One Chinese contractor is Beijing Pioneer Hi-Tech Development Corporation, which has a contract to explore for PMN.245 It is a Chinese state-owned company operated by the
Ministry of Natural Resources.246 Beijing Pioneer has developed the main equipment China uses in exploration for PMN, “accounting for more than 70 per cent of the market share of related products in
China.”247 No partners or offtake agreements were identified for this contractor. While no specific reason for mining was identified for Beijing Pioneer, the interest of all three Chinese-sponsored contractors could be explained by the fact that China is attempting to secure its future resources against potential shortages.248
The other Chinese entity involved solely in PMN exploration with the ISA is China Minmetals
Corporation, a state-owned company run by the State-owned Assets Supervision and Administration
239 Endole. “Blue Minerals Limited.” https://suite.endole.co.uk/insight/company/09792728-blue-minerals-limited 240 Greenpeace. “Deep Trouble: The murky world of the deep sea mining industry.” (2020) 16. 241 ISA (2020) 242 Jantzen, Peter. [Linkedin.] https://uk.linkedin.com/in/peter-jantzen-7068b5119 243 ISA (2020) 244 Jamaican Ministry of Foreign Affairs and Trade. “Blue Minerals Ltd to Lead Jamaica’s Pursuits in Deep Seabed Mining.” (2019) https://mfaft.gov.jm/jm/blue-minerals-ltd-to-lead-jamaicas-pursuits-in-deep-seabed-mining/ 245 ISA. “Report and Recommendations of the Legal and Technical Commission to the Council of the International Seabed Authority relating to an application for approval of a plan of work for exploration of polymetallic nodules by the Beijing Pioneer Hi-Tech Development Corporation.” ISBA/25/C/30 (2019) 246 ISA (2019) 247 ISA (2019) 248 China Dialogue Ocean. “China Dives Into Deep-Sea Mining.” The Maritime Executive. (2019) https://www.maritime- executive.com/editorials/china-dives-into-deep-sea-mining 38
Commission.249 As China’s largest mining company, it engages in “exploration, mining, smelting, processing and trading for metals and minerals, finance, real estate, and mining and metallurgic technology.”250 China Minmetals has sought to produce and sell more battery metals as part of China’s efforts to take advantage of rising demand for batteries in vehicles, energy storage, and power generation.251 China Minmetals’ partners on battery metal projects have included “leading Chinese electric vehicle maker BYD Co Ltd and battery producer Guoxuan Hi-tech Co.”252 Guoxuan Hi-tech Co’s largest shareholder is German automaker Volkswagen AG, which has a 26.5% stake in Guoxuan.253
Volkswagen was the second-largest auto company by revenue in the world in 2019,254255 and is seeking to become “the market leader in battery electric vehicles.”256 Holding company Porsche Automobile
Holding SE is Volkswagen AG’s largest shareholder, owning 31.4% of the company.257 China
Minmetals’ stated reasons for DSM include developing green and advanced technology, deepening knowledge of the deep sea, sustainability, and corporate growth.258
The final Chinese state entity holding exploration contracts with the ISA is China Ocean Mineral
Resources Research and Development Association (COMRA). COMRA is run by the Government of
China “directly under the guidance of the Ministry of Natural Resources.”259 It is responsible for three of
249 State-owned Assets Supervision and Administration Commission of the State Council. “Directory.” http://en.sasac.gov.cn/directory.html 250 China Minmetals. “About China Minmetals.” https://www.minmetalsland.com/plus/list.php?tid=45 251 Reuters Staff. “China Minmetals Launches Raw Materials Project for New Energy Battery.” Reuters (2018) https://www.reuters.com/article/china-metals-minmetals/china-minmetals-launches-raw-materials-project-for-new-energy- battery-idINL3N1YT1EP 252 Reuters Staff (2018) 253 Reuters Staff. “Volkswagen becomes biggest shareholder of China’s EV battery maker Guoxuan.” (2020) https://www.reuters.com/article/us-guoxuan-volkswagen-m-a-electric/volkswagen-becomes-biggest-shareholder-of-chinas-ev- battery-maker-guoxuan-idUSKBN2342S7 254 Reuters Staff (2020) 255 Statista. “Revenue of Leading Automakers Worldwide in 2019.” https://www.statista.com/statistics/232958/revenue-of-the- leading-car-manufacturers- worldwide/#:~:text=In%20terms%20of%20revenue%2C%20Toyota,the%20most%20successful%20automakers%20worldwide. 256 Riley, Charles. “Volkswagen and Audi are Starting to Challenge Tesla.” CNN Business. (2021) https://www.cnn.com/2021/01/13/business/volkswagen-tesla-electric-cars/index.html 257 Volkswagen AG. “Shareholder Structure.” https://www.volkswagenag.com/en/InvestorRelations/shares/shareholder- structure.html 258 ISA. “Report and Recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by China Minmetals Corporation.” ISBA/21/C/2 (2015) 259 Chen, Chelsea Zhaoxi. “China’s Domestic Law on the Exploration and Development of Resources in Deep Seabed Areas.” The Law of the Seabed, chapter 15. Brill & Nijhoff. (2020) 338. https://doi.org/10.1163/9789004391567_017 39
the five ISA contract areas controlled by China: one for PMN, one for SMS, and one for CC. No specific customers for PMN were identified.
Government of Japan
The Government of Japan sponsors two ISA exploration contracts. One is a contract for PMN operated through Deep Ocean Resources Development Co. Ltd. (DORD).260 DORD is 76% owned by the
Japanese government as the clear majority shareholder through the Japan Oil, Gas and Metals National
Corporation (JOGMEC), a state-owned company. 261262 43 Japanese non-state companies are also minority shareholders, including “Mitsubishi Metal Corporation… Dowa Mining, Nippon Mining,
Furukawa, Pacific Metals, Ebara Corporation, Kawasaki Heavy Industries… Nippon Steel Corporation,
Hitashi Zosen Corporation,” and multiple subsidiaries of Sumitomo Corporation including Sumitomo
Metal Mining and multiple subsidiaries of the Mitsui group including Mitsui Mining and Smelting.263
Many of these companies are also invested in other mineral resources: one of Sumitomo Corporation’s largest investments, for example, is a 54% stake in a nickel and cobalt mining project in Madagascar.264265
JOGMEC is obligated to maintain a stable supply of metals, minerals, oil, gas, and coal to Japanese industries,266 and runs Japan’s other ISA contract for CC directly.267 Japanese companies interested in securing cobalt include battery makers and technology companies, especially automakers.268 Sumitomo
260 ISA. “Polymetallic Nodules.” https://isa.org.jm/exploration-contracts/polymetallic-nodules 261 DORD. “Company Profile.” (2020) http://www.dord.co.jp/english/about/index.html 262 JOGMEC. “Overview.” http://www.jogmec.go.jp/english/about/about001.html 263 Ifremer. “Consortia Nodules.” https://wwz.ifremer.fr/gm_eng/Understanding/Public-Authority-support/Deep-Sea-Mineral- Resources/Polymetallic-nodules/Nodule-consortia 264 Fukase, Atsuko. “Sumitomo Faces Possible Loss on Nickel Project.” The Wall Street Journal. (2015) https://www.wsj.com/articles/sumitomo-faces-possible-loss-on-nickel-project-1444996145 265 Ziswa, Brian. “Nickel, cobalt: Sumitomo sets date for Ambatovy revival.” Roskill (2020) https://roskill.com/news/nickel- cobalt-sumitomo-sets-date-for-ambatovy-revival/ 266 JOGMEC. “Overview.” http://www.jogmec.go.jp/english/about/about001.html 267 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for cobalt-rich ferromanganese crusts by Japan Oil, Gas and Metals National Corporation.” ISBA/19/C/3 (2013) 268 Obayashi, Yuka. “Japan takes steps to ensure stable cobalt supply for automakers.” Reuters (2018) https://www.reuters.com/article/us-japan-metals-cobalt/japan-takes-steps-to-ensure-stable-cobalt-supply-for-automakers- idUSKBN1KE1ZF 40
Metal sells resources like nickel to customers including Panasonic.269 Panasonic creates batteries for many companies, including Tesla, Toyota, and other automakers.270 DORD’s stated reason for mining
PMN is coping with anticipated demand increases for metals and associated supply risks.271 Japan is also seeking to avoid reliance on China for metals in EVs as it moves to expand production.272 No deep-sea minerals have been explicitly considered as essential raw material, but many Japanese battery makers, technology companies, and automakers have expressed their willingness to stop buying their supplies from sources where conflicts and child labor are involved.273
Government of the Republic of Korea
The Government of the Republic of Korea controls and sponsors three exploration contracts: one for
PMN,274 one for SMS,275 and one for CC.276 Each of the contracts is managed through the Korean
Institute of Ocean Science and Technology (KIOST), a public research institute.277 Its mission is to
“guide Korea toward… becoming a maritime power by pursuing innovative and creative developments in… marine science and technology.”278 No specific customers for any of the three resource types were identified. KIOST has stated that its reason for mining is South Korea’s high dependence on natural
269 Reuters Staff. “Japan’s Sumitomo Metal sees global nickel deficit nearly halving in 2019.” Reuters (2018) https://www.reuters.com/article/sumitomo-mtl-min-nickel/japans-sumitomo-metal-sees-global-nickel-deficit-nearly-halving-in- 2019-idUSL3N1YT23M 270 Reuters Staff (2018) 271 DORD. “Our Activities.” http://www.dord.co.jp/english/ 272 Takeuchi, Kosuke. “Japan to lift stockpiles of metals for EVs, wary of China’s clout.” Nikkei Asia. (2020) https://asia.nikkei.com/Business/Technology/Japan-to-lift-stockpiles-of-metals-for-EVs-wary-of-China-s-clout 273 Obayashi, Yuka. “Japan takes steps to ensure stable cobalt supply for automakers.” Reuters (2018) https://www.reuters.com/article/us-japan-metals-cobalt/japan-takes-steps-to-ensure-stable-cobalt-supply-for-automakers- idUSKBN1KE1ZF 274 ISA (1997) 275 ISA (1997) 276 ISA (1997) 277 KIOST. “World’s First Verification Test of Deep-sea Manganese Nodule ‘Lifting System.’” (2016) http://www.kiost.ac.kr/cop/bbs/BBSMSTR_000000000281/selectBoardArticle.do;jsessionid=FACCE3A9C7DCD46F298ADF3 A5F5824E4?nttId=13810&kind=&mno=sitemap_12&pageIndex=3&searchCnd=&searchWrd= 278 KIOST. “Functions and History.” 41
resource imports, which has encouraged the government to secure a stable, long-term supply of future resources.279
Government of India
The Government of India holds and sponsors two ISA exploration contracts: one for PMN and one for
SMS. Both are run through the Indian Ministry of Earth Sciences.280281 No partners or customers for
PMN or SMS extraction were identified. The Indian government claims it will turn contract area exploration information over to Indian industries once the ISA exploitation code is complete.282 India’s reasons for mining have been suggested to be securing future resource interests283 and economic independence from China,284 as well as developing a strategic presence in the Indian Ocean.285
Government of the Russian Federation
The Government of the Russian Federation holds and sponsors three ISA exploration contracts: one for
PMN,286 one for SMS,287 and one for CC.288 Its contract for PMN is run through contractor JSC
Yuzhmorgeologiya, a Russian state-owned company and a wholly owned subsidiary of Russian state-
279 KIOST. “World’s First Verification Test of Deep-sea Manganese Nodule ‘Lifting System.’” (2016) http://www.kiost.ac.kr/cop/bbs/BBSMSTR_000000000281/selectBoardArticle.do;jsessionid=FACCE3A9C7DCD46F298ADF3 A5F5824E4?nttId=13810&kind=&mno=sitemap_12&pageIndex=3&searchCnd=&searchWrd= 280 ISA. ISBA/3/C/7 (1997) 281 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application by the Government of India for the approval of a plan of work for exploration for polymetallic sulphides.” ISBA/20/C/6 (2014) 282 Tejonmayam, U. “COVID delays NIOT’s mining trials 6km deep in ocean; undersea crawler may be deployed in February.” Times of India. (2020) Covid delays NIOT’s mining trials 6km deep in ocean; undersea crawler may be deployed in February | Chennai News - Times of India (indiatimes.com) 283 Pacha, Aswathi. “Explained: What is India’s Deep Ocean Mission.” The Hindu. (2019) Explained | Why is India pulled to deep-sea mining? - The Hindu 284 Reuters. “India plans to dive deep for valuable minerals scattered on the seabed. But at what cost?” South China Morning Post (2018) India plans to dive deep for valuable minerals scattered on the seabed. But at what cost? | South China Morning Post (scmp.com) 285 The Economic Times. “India extends contract for deep sea exploration of nodules.” (2016) https://economictimes.indiatimes.com/news/science/india-extends-contract-for-deep-sea-exploration-of- nodules/articleshow/54291841.cms?from=mdr 286 ISA. ISBA/3/C/7 (1997) 287 ISA. “Application submitted by the Government of the Russian Federation for approval of a plan of work for exploration for polymetallic sulphides.” ISBA/17/LTC/L.7 (2011) 288 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for cobalt-rich ferromanganese crusts by the Ministry of Natural Resources and Environment of the Russian Federation.” ISBA/20/C/4 (2014) 42
owned holding company ROSGEO.289 ROSGEO describes its key areas of work as “field and borehole geophysics, drilling, marine geophysics and engineering surveys, R&D , manufacturing, geological surveying and exploration for minerals, and [exploitation] monitoring.”290 ROSGEO customers include
“Gazprom, Rosneft, Lukoil, Severstal, MMC Norilsk Nickel, Itera, NLMK, Sibuglemet, BP,” and
Chevron.291 Norilsk Nickel is currently the only producer of Russian cobalt, and sells to German company
BASF,292 the largest chemical company in the world and the most important supplier of chemicals to the automotive industry.293 JSC Yuzhmorgeologiya’s stated reason for mining is increasing Russian access to natural resources.294
Russia’s contract for SMS exploration is officially assigned to the Government of the Russian
Federation, and its contract for CC exploration is assigned to the Ministry of Natural Resources and
Environment of the Russian Federation.295 Both are operated through the Ministry of Natural
Resources and Environment.296297 No specific customers or reasons for mining were identified for either
Russia’s SMS or CC contracts.
Government of Poland
The Polish contract for SMS exploration is both run and sponsored by Poland298 and is operated through the Polish Ministry of Environment.299 No specific customers for SMS were identified. The driving figure
289 ROSGEO. “Rosgeo has signed the first contracts to start the works in Equatorial Guinea.” (2020) https://rosgeo.com/en/press/news/rosgeologiya-podpisala-pervye-kontrakty-po-nachalu-rabot-v-ekvatorialnoy-gvinee/ 290 ROSGEO. “ROSGEO at a Glance.” http://rosgeo.eu/group-overview/ 291 ROSGEO. “What We Do.” https://rosgeo.com/en/ 292 Resource World. “Russia ready to increase domestic cobalt production—even under the Pacific Ocean.” (2020) https://resourceworld.com/russia-ready-to-increase-domestic-cobalt-production-even-under-the-pacific-ocean/ 293 BASF. “Battery Materials.” https://catalysts.basf.com/products-and-industries/battery-materials 294 ROSGEO. “Rosgeo has signed the first contracts to start the works in Equatorial Guinea.” (2020) https://rosgeo.com/en/press/news/rosgeologiya-podpisala-pervye-kontrakty-po-nachalu-rabot-v-ekvatorialnoy-gvinee/ 295 ISA. “Exploration Contracts.” https://isa.org.jm/deep-seabed-minerals-contractors 296 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic sulphides by the Government of the Russian Federation.” ISBA/17/C/12 (2011) 297 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for cobalt-rich ferromanganese crusts by the Ministry of Natural Resources and Environment of the Russian Federation.” ISBA/20/C/4 (2014) 298 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for approval of a plan of work for exploration for polymetallic sulphides by the Government of Poland.” ISBA/23/C/11 (2017) 299 ISA (2017) 43
behind Poland’s ISA contract, former secretary of state in the Ministry of Environment, Mariusz Orion
Jedrysek, has described the goal of Polish SMS exploration as dynamic economic development.300
Interoceanmetal Joint Organization (IOM)
IOM’s PMN contract is a collaborative international effort co-sponsored by “Bulgaria, Cuba, Czech
Republic, Poland, the Russian Federation, and Slovakia.”301 IOM has produced nothing other than DSM prospecting and research.302 No specific customers for PMN were identified. Fellow exploration contractor JSC Yuzhmorgeologiya has provided IOM with offshore geophysical services.303 IOM’s stated reason for mining is recovering raw materials for environmentally friendly technology.304
Government of Germany
Germany holds and sponsors two exploration contracts: one for PMN305 and one for SMS.306 Both contracts are run through the Federal Institute for Geosciences and Natural Resources of Germany.307
Germany has been involved with European Union PMN project BlueMining but has not done any DSM yet.308 The Federal Institute for Geosciences and Natural Resources’ main role is “providing advice to the
German Federal Government in all geo-relevant questions.”309 It also contracted with drilling company
MH Wirth to develop a concept PMN mining vehicle.310 Germany’s stated reason for mining is seeking
300 ISA. “Statement by Professor Mariusz Orion Jedrysek on the occasion of considerations by the Council of the ISA of the Government of Poland for a joint venture with the Enterprise.” (2019) https://isa.org.jm/files/files/documents/poland.pdf 301 ISA. ISBA/3/C/7 (1997) 302 IOM. “Exploration Cruises.” https://iom.gov.pl/exploration-cruises/ 303 ROSGEO.”What We Do.” https://rosgeo.com/en/ 304 IOM. “Resources for the Future.” https://iom.gov.pl/resources-for-future/ 305 ISA. “Report and recommendations to the Council of the ISA relating to an application for approval of a plan of work for exploration by the Federal Republic of Germany represented by the German Federal Institute for Geosciences and Natural Resources.” ISBA/11/C/7 (2005) 306 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic sulphides by the Federal Institute for Geosciences and Natural Resources on behalf of the Federal Republic of Germany.” ISBA/20/C/16 (2014) 307 ISA. “Exploration Contracts.” https://isa.org.jm/deep-seabed-minerals-contractors 308 Bluemining. “Blue Mining: Breakthrough solutions for sustainable deep sea mining” https://bluemining.eu/ 309 BGR. “Homepage.” https://www.bgr.bund.de/EN/Home/homepage_node_en.html 310 BGR. “Manganese nodule exploration in the German license area.” https://www.bgr.bund.de/EN/Themen/MarineRohstoffforschung/Projekte/Mineralische-Rohstoffe/Laufend/manganknollen- exploration_en.html 44
resource independence for its industries to guard against price fluctuations.311 No specific customers for
PMN or SMS were identified.
Government of France
France holds and sponsors two ISA exploration contracts: one for PMN312 and one for SMS.313 Both contracts are officially held and operated through the Institut francais de recherche pour l’exploitation de la mer (Ifremer), a state agency of the French government. Ifremer produces research to support ocean-focused public policy and economic development in France, and also operates the French oceanographic fleet.314 No specific partners or customers for PMN were identified. A 2015 strategy document produced by the office of the prime minister states that the Government of France intends to turn over its contract areas for exploitation by French companies in the future.315 France’s stated goals for mining are the creation of wealth, technological innovation, and jobs, and the preservation of French strategic independence in metals and economic development.316
Government of Brazil
Brazil holds and sponsors one ISA exploration contract for CC.317 The contract is officially held and operated by Companhia De Pesquisa de Recursos Minerais (CPRM), a Brazilian state agency “under the auspices of the Ministry of Mines and Energy.”318 CPRM’s mission is producing and communicating geoscientific knowledge for Brazil, contributing to quality of life and sustainable development.319 No specific customers for CC were identified. The World Trade Organization has suggested that consumer
311 BGR. 312 ISA. ISBA/3/C/7 (1997) 313 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for approval of a plan of work for exploration for polymetallic sulphides by the Institut francais de recherche pour l’exploitation de la mer.” ISBA/18/C/16 (2012) 314 Ifremer. “An integrated approach to research in marine sciences.” https://wwz.ifremer.fr/en/The-Institute/Missions 315 Office of the Prime Minister of France. “Strategie nationale relative a ‘lexploration et a l’exploitation minieres des grands fonds marins.” (2015) http://www.mineralinfo.fr/sites/default/files/upload/strategie_gfm_du_22_octobre_2015.pdf 316 Office of the Prime Minister of France (2015) 317 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for cobalt-rich ferromanganese crusts by Companhia de Pesquisa de Recursos Minerais.” ISBA/20/C/17 (2014) 318 CPRM “Geology.” http://www.cprm.gov.br/en/ 319 CPRM. 45
demand for materials in emerging economies like India and Brazil is making the potential for DSM more lucrative.320 Brazil has also petitioned to expand its continental shelf rights over its contract area, which would increase the potential area in which it could mine.321
Discussion
Like with most research involving the fast-moving corporate sector, the results of this paper indicate that any conclusions about deep-sea mining customers are exercises in prediction and prone to change. After all, no commercial-scale deep-sea mining has occurred yet in international waters.322 Because of the novelty of DSM and the fact that none of these materials have been mined yet, no deals have been made that directly connect deep-sea minerals to specific companies that develop and sell end-user products.
Even so, information about the business connections of ISA contractors collected here and a review of the literature on expectations for future markets can be combined to offer several interesting conclusions.
These considerations can serve as a background for future research on enabling public engagement with the “common heritage of mankind” 323 as DSM comes closer to reality.
Batteries are key
Findings from the literature review suggested that batteries are an important destination for any potential deep-sea mining of nodule metals, as expected growth in demand for nickel and cobalt, primarily for electricity storage, is predicted to outpace current production.324 This idea is supported by the analysis of business ties. While no current publicly available deals exist for deep-sea metals between miners and end-
320 Mahapatra, Richard and Anupam Chakravartty. “Mining at Deep Sea.” Down to Earth. (2014) https://www.downtoearth.org.in/coverage/mining/mining-at-deep-sea-46049 321 DSMobserver. “A Primer on Cobalt-rich Crusts.” http://dsmobserver.com/2019/10/a-primer-on-cobalt-rich-crusts/ 322 ISA. “Stakeholder Consultations on draft standards and guidelines to support the implementation of the Draft Regulations for Exploitation of mineral resources in the Area.” https://www.isa.org.jm/stakeholder-consultations-draft-standards-and-guidelines- support-implementation-draft-regulations 323 United Nations Convention on the Law of the Sea. Preamble. 324 Hund, Kirsten, Daniele La Porta, Thao P Fabregas, Tim Laing, and John Drexhage. “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” The World Bank. (2020) 103. 46
user connected companies, some contractors do have ties to companies that currently sell cobalt and nickel to battery makers. DeepGreen Metals has an offtake agreement for nickel and copper with shareholder Glencore,325 which supplies cobalt directly to customers like car companies Tesla and BMW and to other corporations like Samsung, SK Innovation, and Umicore, which develop battery materials for more technology and car companies. Interestingly, DeepGreen’s recent communications with its shareholders have stated that DeepGreen expects to earn more revenue from nickel than from cobalt.326
This may speak to the quickly shifting nature of battery chemistries as battery companies become concerned about the cost, reputational risks, and stability of relying on cobalt mined in the Democratic
Republic of Congo.327 Ackermans and Van Haaren subsidiary DEME indicated access to contract area information from fellow Belgian company and battery materials maker Umicore in its ISA exploration contract application.328 Japanese contractors JOGMEC and DORD are obligated to ensure supplies of minerals to Japanese companies,329 with a recent focus on automakers.330 DORD members sell metals to customers like Panasonic,331 which provides batteries to an enormous number of companies including
Toyota and Tesla.332 Japan is explicitly seeking to increase its stockpiles of metals like nickel, cobalt, and rare earth metals to keep pace with demand for batteries from technology and automotive companies.333
This last point speaks to the likely importance of Rare Earth Elements to some or all PMN miners, though
325 Barich, Anthony. “Oil and gas suppliers to join DeepGreen Metals’ deep sea mining initiative.” S&P Global. (2019) https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/oil-and-gas-suppliers-to-join-DeepGreen- metals-deep-sea-mining-initiative-50551446 326 DeepGreen Metals Inc. “Revolutionizing the Mineral Supply Chain for Fast Growing EV Demand: Investment summary for The Metals Company, Inc.” (2021) https://www.sec.gov/Archives/edgar/data/0001798562/000121390021013491/ea137056ex99- 2_sustainable.htm 327 Airhart, Ellen. “Alternatives to Cobalt, the Blood Diamond of Batteries.” Wired. (2018) https://www.wired.com/story/alternatives-to-cobalt-the-blood-diamond-of-batteries/ 328 ISA. “Report and recommendations of the LTC to the Council of the ISA relating to an application for the approval of a plan of work for exploration for polymetallic nodules by G-TEC Sea Mineral Resources NV.” ISBA/18/C/19 (2012) 329 JOGMEC. “Overview.” http://www.jogmec.go.jp/english/about/about001.html 330 Obayashi, Yuka. “Japan takes steps to ensure stable cobalt supply for automakers.” Reuters (2018) https://www.reuters.com/article/us-japan-metals-cobalt/japan-takes-steps-to-ensure-stable-cobalt-supply-for-automakers- idUSKBN1KE1ZF 331 Reuters Staff. “Japan’s Sumitomo Metal sees global nickel deficit nearly halving in 2019.” Reuters (2018) https://www.reuters.com/article/sumitomo-mtl-min-nickel/japans-sumitomo-metal-sees-global-nickel-deficit-nearly-halving-in- 2019-idUSL3N1YT23M 332 Reuters Staff (2018) 333 Takeuchi, Kosuke. “Japan to lift stockpiles of metals for EVs, wary of China’s clout.” Nikkei Asia. (2020) https://asia.nikkei.com/Business/Technology/Japan-to-lift-stockpiles-of-metals-for-EVs-wary-of-China-s-clout 47
others like DeepGreen do not currently mention them in their sales expectations.334 JSC
Yuzhmorgeologiya is a wholly owned subsidiary of Russian state-owned company ROSGEO,335 which also includes Norilsk Nickel, a company that sells to German chemical giant and important battery contributor BASF.336 China Minmetals Corporation has partnered with “leading Chinese electric vehicle maker BYD Co Ltd and battery producer Guoxuan Hi-tech Co,” which is 26.5% owned by Porsche SE through Volkswagen AG,337 for battery metals projects,338 and is actively seeking to produce and sell more battery metals as part of China’s efforts to take advantage of rising demand for batteries in vehicles, energy storage, and power generation.339 All of these results support the idea that consumers of battery metals are the most significant likely customers for DSM in the next several years. This, again, must be qualified by the fact that battery compositions may change significantly in the future.340
Significant demand for metals found in PMN may come from Electric Vehicles (EVs)
The battery metals present in PMN are used in a wide number of applications, including personal technology, EV batteries, and public electric utilities. 341 As was described in the literature review, current research by the World Bank predicts that energy storage may represent the sector of highest demand growth for nickel and cobalt between 2015 and 2050, rising by 99% and 450%, respectively.342 Up to
334 DeepGreen Metals Inc. “Revolutionizing the Mineral Supply Chain for Fast Growing EV Demand: Investment summary for The Metals Company, Inc.” (2021) https://www.sec.gov/Archives/edgar/data/0001798562/000121390021013491/ea137056ex99- 2_sustainable.htm 335 ROSGEO. “Rosgeo has signed the first contracts to start the works in Equatorial Guinea.” (2020) https://rosgeo.com/en/press/news/rosgeologiya-podpisala-pervye-kontrakty-po-nachalu-rabot-v-ekvatorialnoy-gvinee/ 336 Resource World. “Russia ready to increase domestic cobalt production—even under the Pacific Ocean.” (2020) https://resourceworld.com/russia-ready-to-increase-domestic-cobalt-production-even-under-the-pacific-ocean/ 337 Reuters Staff. “Volkswagen becomes biggest shareholder of China’s EV battery maker Guoxuan.” (2020) https://www.reuters.com/article/us-guoxuan-volkswagen-m-a-electric/volkswagen-becomes-biggest-shareholder-of-chinas-ev- battery-maker-guoxuan-idUSKBN2342S7 338 Reuters Staff (2018) 339 Reuters Staff. “China Minmetals Launches Raw Materials Project for New Energy Battery.” Reuters (2018) https://www.reuters.com/article/china-metals-minmetals/china-minmetals-launches-raw-materials-project-for-new-energy- battery-idINL3N1YT1EP 340 Fu, Xinkai, Danielle N. Beatty, Gabrielle G. Gaustad, Gerbrand Ceder, Richard Roth, Randolph E. Kirchain, Michele Bustamante, Callie Babbitt, and Elsa A. Olivetti. “Perspectives on Cobalt Supply through 2030 in the Face of Changing Demand.” Environmental Science and Technology 54: 2985-2993 (2020) https://doi.org/10.1021/acs.est.9b04975 341 Sparenberg, Ole. “A historical perspective on deep-sea mining for manganese nodules, 1965-2019.” The Extractive Industries and Society 6: 843 (2019) 342 Hund, Kirsten, Daniele La Porta, Thao P Fabregas, Tim Laing, and John Drexhage. “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” The World Bank. (2020) 103. 48
90% of increase in demand for energy storage may come from EV batteries rather than from public utility grid storage.343 The possibility that these uses could be an important destination for deep-sea minerals is supported by the statements of ISA exploration contractors and beneficial owners: states like Japan have emphasized the role of a secure supply of battery metals in their pivot toward EVs,344 and companies like
DeepGreen focus on expected growth of EV demand in communications with future shareholders.345 This prediction of EV importance is highly tentative for three reasons. The first is that development of future battery chemistries, being impacted by cost and supply, is “very difficult to predict.”346 Any changes in battery technology may therefore change the necessary materials for their construction. The second reason is that some predictions of DSM resource uses are promoted by the mining contractors themselves as in the case of DeepGreen,347 and may therefore be biased in favor of industries the contractors believe will encourage positive perception of their activities. Third, demand for minerals that are found in the deep sea may not lead to demand for minerals from the deep sea as opposed to other sources.
Possible applications: improving democratic governance of seabed mining
Whether or not EV batteries become the most important destination for deep-sea minerals, an outreach strategy based on automotive companies that sell cars to individual consumers may improve democratic governance of international DSM. This could be done by effectively linking the public to miners that are otherwise insulated from accountability. Unlike energy storage choices at a utility, which exists long-term and typically offers buyers no say in its operations, car sales occur through frequent purchases based on individual decisions. These sales rely on brand reputation, which gives car companies an incentive to compete to appeal to their customers’ priorities. Tesla, for example, has many customers who demand
343 Hund et al. (2020) 14. 344 Takeuchi, Kosuke. “Japan to lift stockpiles of metals for EVs, wary of China’s clout.” Nikkei Asia. (2020) https://asia.nikkei.com/Business/Technology/Japan-to-lift-stockpiles-of-metals-for-EVs-wary-of-China-s-clout 345 DeepGreen Metals Inc. “Revolutionizing the Mineral Supply Chain for Fast Growing EV Demand: Investment summary for The Metals Company, Inc.” (2021) https://www.sec.gov/Archives/edgar/data/0001798562/000121390021013491/ea137056ex99- 2_sustainable.htm 346 Hund et al. (2020) 93. 347 DeepGreen Metals Inc. “Revolutionizing the Mineral Supply Chain for Fast Growing EV Demand: Investment summary for The Metals Company, Inc.” (2021) https://www.sec.gov/Archives/edgar/data/0001798562/000121390021013491/ea137056ex99- 2_sustainable.htm 49
what they feel to be sustainably and responsibly sourced products.348 This led to Tesla’s negotiations with the Indonesian government that resulted in new nickel mining projects no longer being allowed to dump waste into the ocean.349 Similar strategies have been used to address environmental accountability issues before. An example found in the literature review is Greenpeace Canada’s successful public image campaign that convinced electronics retailer Best Buy to stop buying paper from “the largest and most controversial logging company in Canada.”350 While deep-sea mining companies and the ISA are relatively insulated from public discourse, car companies have the power to demand things of their supply chains that their customers want, and to compete with one another to provide it. Most major car companies are also publicly traded,351 which could enable shareholders to create pressure for change and transparency. 352 Nur Uysal argues that investors are increasingly using their power to “influence a corporation’s corporate social responsibility (CSR) practices,” such as when “a shareholder resolution sponsored by NYC Public Pension Funds” led to “an engagement process with CONSOL Energy Inc” after which the energy company made “procedural and structural changes.”353 This sort of pressure from shareholders and the public could encourage mining contractors and regulators to better account for public priorities in their actions, tying use of the international seabed more closely to a concept of “the common heritage of mankind.”354
As of 2021, strategies like these are already beginning to be used. On March 31st, “automakers BMW and
Volvo” along with “Samsung’s EV battery unit and tech giant Google” announced that they had decided to “support a moratorium on deep seabed mining” in coordination with the World Wildlife Fund (WWF)
348 Ginting, Pius, and Payal Sampat. “Electric vehicles can drive more responsible mining.” China Dialogue Ocean (2021) https://chinadialogueocean.net/16166-electric-vehicles-can-drive-responsible-mining/ 349 Ginting and Sampat (2021) 350 Gunther, Marc. “Under pressure: campaigns that persuaded companies to change the world.” The Guardian. (2015) https://www.theguardian.com/sustainable-business/2015/feb/09/corporate-ngo-campaign-environment-climate-change 351 Top Foreign Stocks. “The Complete List of Auto Manufacturing Stocks Trading on the NYSE.” https://topforeignstocks.com/stock-lists/the-complete-list-of-auto-manufacturing-stocks-trading-on-the-nyse/ 352 Blasiak et al. “Corporate Control and Global Governance of Marine Genetic Resources.” Science Advances 4 (6): eaar5237– eaar5237. (2018) https://doi.org/10.1126/sciadv.aar5237. 353 Uysal, Nur. “The Expanded Role of Investor Relations: Socially Responsible Investing, Shareholder Activism, and Organizational Legitimacy. International Journal of Strategic Communication 8:3. (2014) 215. DOI: 10.1080/1553118X.2014.905478 354 United Nations Convention on the Law of the Sea. Preamble. 50
in response to the risks mining may hold for ocean environments.355 In doing so, the companies pledged
“to refrain from using mineral resources from the deep sea in their supply chains.”356 The group’s statement was “initiated by BMW group and WWF.”357 This may suggest that the corporations involved feel that the current risks of including DSM in their supply chains to their reputations and sales is more important than any benefits they might gain from DSM in the near future. Whether more such companies will make similar business decisions remains to be seen.
Conclusion
Discussions are ongoing over the proper use of the international seabed as “the common heritage of mankind.”358 In this paper, I have explored a customer-based approach to this problem on the logic that connecting people to the deep ocean-sourced products they may use in the future is a good way to enable public engagement and meaningful calls to action. Because no commercial-scale deep-sea mining has occurred yet on the international seabed, my investigation into the business ties of ISA contractors did not identify any firm agreements to sell DSM resources to companies that sell products to the public. It did, however, identify beneficial owners, their current business deals, and some of their plans for exploitation.
The primary focus of most mining exploration effort, especially that involving non-state companies, 359 appears to be on polymetallic nodules.360361 These mainly consist of manganese, copper, nickel, and cobalt,362 and also include important amounts of Rare Earth Elements.363 Many of these metals are
355 Jordans, Frank. “Automakers BMW, Volvo back moratorium on deep seabed mining.” AP News. (2021) https://apnews.com/article/technology-oceans-environment-overfishing-europe-3359dff680e15606dc9d069e1992e0bf 356 WWF. “Brands back call for moratorium on deep seabed mining.” (2021) https://wwf.panda.org/wwf_news/press_releases/?1909966/Brands-Back-Call-for-Moratorium-on-Deep-Seabed-Mining 357 WWF. (2021) 358 United Nations Convention on the Law of the Sea. Preamble. 359 DeepGreen Metals Inc. “DeepGreen acquires third seabed contract area, with the potential to solve the supply bottleneck of critical battery metals.” https://deep.green/DeepGreen-acquires-third-seabed-contract-area-to-explore-for-polymetallic-nodules/ 360 ISA. “Exploration Contracts.” https://www.isa.org.jm/exploration-contracts 361 Kirchain et al. “Report to the International Seabed Authority on the Development of an Economic Model and System of Payments for the Exploitation of Polymetallic Nodules in the Area.” MIT Material Systems Laboratory. (2019) 30. 362 MIDAS. “Polymetallic Nodules.” https://www.eu-midas.net/science/nodules 363 Hein et al. “Deep-Ocean Mineral Deposits as a Source of Critical Metals for High- and Green-Technology Applications: Comparison with Land-Based Resources.” Ore Geology Reviews 51 (2013): 1. https://doi.org/10.1016/j.oregeorev.2012.12.001. 51
expected to see large demand growth compared to current production over the next several decades as part of global energy shifts and the “EV revolution.”364365 If battery chemistries remain similar to current ones, EV manufacturers may be critical to this demand increase.366 This growth along with the importance of brand reputation to car companies suggests that public engagement with DSM governance can be driven by encouraging car companies to demand accountability from deep-sea miners. Similar campaigns have been effective in other contexts like logging in Canada,367 and may help influence the future supply chains of car companies. This could bring mining decisions closer to a true reflection of public priorities for “the common heritage of mankind.”368
While factors may change, research focusing on the supply chains between the deep ocean to consumers can be a powerful tool for placing influence over deep-sea mining in the hands of the many as opposed to the hands of the few. This research identified the actors and the connections that need to be considered in future research on this topic. Similar investigations will likely become easier as DSM approaches and buyer-to-seller relationships become concrete, which will enable clearer updates to these conclusions. For now, however, actors seeking to engage the hearts and minds of the public in DSM governance would do well to start in their parking spaces.
364 Hund, Kirsten, Daniele La Porta, Thao P Fabregas, Tim Laing, and John Drexhage. “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” The World Bank. (2020) 14. 365 McKinsey and Company. “The Future of Nickel: A Class Act.” (2017) 3. https://www.mckinsey.com/~/media/McKinsey/Industries/Metals%20and%20Mining/Our%20Insights/The%20future%20of%20 nickel%20A%20class%20act/The%20future%20of%20nickel%20A%20class%20act.ashx 366 Hund, Kirsten, Daniele La Porta, Thao P Fabregas, Tim Laing, and John Drexhage. “Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition” The World Bank. (2020) 93. 367 Gunther, Marc. “Under pressure: campaigns that persuaded companies to change the world.” The Guardian. (2015) https://www.theguardian.com/sustainable-business/2015/feb/09/corporate-ngo-campaign-environment-climate-change 368 United Nations Convention on the Law of the Sea. Preamble. 52
Acknowledgements
This project could not have been completed without the help of my advisor Pat Halpin, or my co-advisors
Ph.D. students Gabrielle Carmine and Elisabetta Menini, who developed the idea for this paper and assisted throughout. I am also deeply grateful to the Duke University Marine Geospatial Ecology Lab for funding this research.
53
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