An independent study commissioned by Greenpeace International has revealed that the economic potential of seabed polymetallic nodules in the Cook Islands has been significantly exaggerated. The report suggests that when taking into account costs, market dynamics, and technological hurdles, engaging in deep-sea mining for these nodules is more inclined to result in economic losses.
Juressa Lee, a seabed mining campaigner for Greenpeace Aotearoa, voiced concerns regarding the bold claims made by deep-sea mining companies seeking social acceptance in regions like the Cook Islands. She emphasized that the assertions made by these companies do not hold up against scientific scrutiny, which warns of the detrimental effects deep-sea mining can have on ocean ecosystems and biodiversity.
The study also scrutinizes the feasibility of extracting these promising “golden apples,” a term used by Cook Islands Prime Minister Mark Brown to describe the polymetallic nodules. It points out that the extraction technologies necessary for deep-sea operations have not yet been commercially validated. Operating at depths significantly deeper than the infamous Deepwater Horizon incident introduces major challenges for reliable extraction.
Financial assessments revealed that the anticipated operating costs at such great depths may equal or surpass the expected market value of the nodules, insinuating an unviable commercial venture. Furthermore, the study noted the absence of processing facilities capable of converting these nodules into marketable metals, indicating that the establishment of new plants and supply chains would carry excessive technical and financial risks.
Market projections appear particularly bleak for cobalt and manganese, key components that make up the value of Cook Islands nodules. The study estimates that the potential market value of these nodules is only between US$100 and $140 per dry tonne, which is considerably lower than what is necessary for a sustainable mining industry.
This analysis arrives at a pivotal time as Belgium’s Global Sea Mineral Resources (GSR), a leader in deep-sea mining, plans to divest its projects in the Cook Islands and reorient its focus toward operations in the Clarion-Clipperton Zone (CCZ). Local reports hint at a potential sale of GSR’s stake in the joint venture Cobalt Seabed Resources (CSR) to an American company named Wetstone, which lacks an extensive public track record.
Lee reiterated the intertwined fate of Pacific Island nations with the health of their oceans, cautioning that the push for deep-sea mining threatens to undermine this relationship. She highlighted the robust and steadfast resistance against seabed mining in the Cook Islands and the larger Pacific region, emphasizing that local communities will not be easily marginalized by corporations and foreign powers attempting to impose new exploitative measures on their territories.
Greenpeace advocates for unified action from Pacific Island governments to prohibit deep-sea mining within their waters. The organization also calls for a global moratorium at the International Seabed Authority to protect the ocean, which is vital for the cultural, economic, and environmental health of Pacific peoples.
The findings of this study reinforce the urgency for strict environmental protections and underscore the communities’ commitment to safeguarding the ocean for future generations. The ongoing discourse around deep-sea mining in the Cook Islands serves as a reminder of the challenges posed by resource extraction in delicate ecosystems and the importance of prioritizing sustainable practices and responsible governance.