The Ocean Could Be the New Gold Rush
"The Ocean Could Be the New Gold Rush" — Brian Clark Howard — National Geographic News — July 13, 2016
As the future of seafloor mining is debated this week, here are five things you need to know about the risks and rewards of extracting precious metals and minerals from the ocean.
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If the U.S. does not ratify UNCLOS, it risks losing the remaining three possible seabed mining sites, with billions in the strategic minerals manganese, copper, cobalt and nickel at stake. A single seabed mining operation would spur the economy with total capital purchases of close to one and a half billion dollars and would stimulate robust job creation.
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- U.S. stake in emerging deep seabed mining industry could be worth as much as $1 trillion annually
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- U.S. non-party status to UNCLOS is harming U.S. economy by constraining resource mining and underseas cables industries
- Potential mineral wealth in seabed exceeds existing land deposits