By Todd Woody
May 1, 2025 (Bloomberg) – President Donald Trump has shifted his focus from Canada and Greenland’s mineral wealth to the vast resources lying beneath the global seabed. These critical metals are essential for green technologies but are currently under the jurisdiction of a United Nations-affiliated body.
While it might potentially be a stretch for Trump to claim control over Canada or Greenland, he is attempting to challenge the UN treaty that governs ocean resource use. This move could have important implications for untouched deep-sea ecosystems that are now at risk of exploitation.
In a recent press release, the US National Oceanic and Atmospheric Governance dubbed this initiative “the next gold rush,” highlighting Trump’s executive order aimed at speeding up seabed mining applications. Shortly after, The Metals Company (TMC) submitted its application for a US license to mine minerals in the Clarion-Clipperton Zone—a massive area in the Pacific stretching from Hawaii down to Mexico.Though, there’s a catch. The International Seabed Authority (ISA), which oversees international waters, is not keen on relinquishing its regulatory power over deep-sea mining—an authority held by 169 member nations plus the EU.ISA Secretary-General Leticia Carvalho cautioned that unilateral actions by the US could destabilize global ocean governance.
The stakes here go beyond who gets access to polymetallic nodules—small rocks rich in cobalt and nickel found on the Clarion-Clipperton seabed—and extend into preserving unique marine life and maintaining an international treaty that has ensured peace on our oceans for over three decades.
So who really controls deep-sea mining?
The UN Convention on the Law of Sea established ISA specifically to manage these resources beyond national borders while ensuring royalties benefit all member states. Based in Kingston, Jamaica, this organization has been negotiating regulations for more than ten years without resolution.
For three decades now, ISA has successfully prevented an unregulated rush into deep-sea mining as countries respected its mandate focused on protecting fragile marine ecosystems developed over millions of years. Though, TMC grew impatient after investing around half a billion dollars into environmental assessments needed for their application with ISA.
What exactly is The Metals Company?
TMC is publicly traded in Canada and led by Gerard Barron—a former internet advertising entrepreneur from Australia. It holds two out of 31 exploration licenses granted by ISA but became frustrated with delays and began lobbying officials within Trump’s administration for expedited licenses instead. Barron even mentioned presenting one of their polymetallic nodules directly to Trump last week during congressional hearings; it now sits proudly on his Resolute Desk!
But what gives TMC authority to seek these licenses?
It’s complex!
Back when negotiations were underway regarding maritime law treaties, Congress passed the Deep Seabed Hard Minerals Resources Act in 1980 allowing such licenses as interim measures until formal agreements were reached—essentially encouraging companies like TMC to develop necessary technology despite not being part of any ratified treaty later known as “the constitution of oceans.”
Though not officially part of ISA due largely as Congress never ratified it post-negotiation completion fourteen years later—the U.S still participates as an observer while generally adhering closely enough so they can maintain influence within policymaking discussions should they ever decide otherwise!
Now with Trump’s executive order shaking things up significantly—it marks TMC’s first attempt under this long-standing U.S law governing seabed activities!
Doesn’t TMC already have exploration rights through ISA?
Yes! And therein lies much frustration among diplomats: TMC seeks permission from America even though they hold rights granted via Nauru—a small impoverished island nation where they’ve agreed upon royalty payments per contract terms set forth earlier! They’ve remained tight-lipped about whether those obligations would still apply if awarded American licensing too; meanwhile planning another application submission come June despite ongoing absence surrounding clear-cut regulations governing such operations!
How did ISA respond?
Member nations remain divided regarding whether or not we should proceed with any form(s) related specifically towards deep sea extraction—but all agree only ISAs possess legitimate authority here!
Their statement following Trump’s signing emphasized how bypassing regulatory frameworks undermines international laws while further exacerbating inequalities globally silencing voices belonging primarily less developed countries involved too!
What comes next?
TMC anticipates initial reviews concerning their applications will wrap up within sixty days tops according Matt Giacona—the acting principal deputy director overseeing Bureau of Ocean Energy Management processes moving forward faster than before thanks new permitting procedures reducing timelines drastically down just twenty-eight days upon request made directly applicants themselves during briefings held recently last week!
this rapid pace raises concerns among experts like Diva Amon—a biologist specializing deeply studying underwater habitats—who warns potential environmental impacts might go unchecked due lack thorough assessments required beforehand given current knowledge gaps surrounding species inhabiting areas targeted including ecological dynamics involved coping challenges posed through possible disruptions caused by future endeavors undertaken here overall…
Previously stating expectations aiming commercial operations commencing sometime around twenty-six if triumphant securing both necessary permits alongside contracts issued previously through ISAs channels—they’ve tested smaller prototypes already back two thousand twenty-two yet require full-scale versions capable handling extreme conditions faced below surface levels encountered regularly throughout entire process itself ultimately leading towards eventual outcomes desired long-term sustainability goals achieved collectively across board altogether eventually…
Where will processing occur?
Currently no facilities exist domestically capable refining minerals extracted turning them usable forms suitable electric vehicle batteries other products needed urgently today across industries worldwide alike either way ahead moving forward together collaboratively building infrastructure requires billions investments made upfront initially before anything else happens realistically speaking right away soon thereafter too…
A Japanese firm conducted trials previously assisting efforts underway however scaling operations industrially remains daunting task ahead requiring innovative solutions discovered along journey taken together collaboratively working hand-in-hand every step along way ensuring success achieved ultimately benefiting everyone involved equally throughout entire process overall finally reaching end goals sought after diligently pursued tirelessly day-in-day-out consistently striving achieve greatness always pushing boundaries limits set forth originally laid down firmly ground level first place starting point onward toward brighter futures awaiting us all ahead waiting patiently just around corner ready embrace change coming fast approaching rapidly indeed…
