What is the story about?
What's Happening?
Bahrain has sponsored Impossible Metals' application for a deep-sea mining permit with the International Seabed Authority (ISA), marking the first Middle Eastern country to support this industry. Impossible Metals aims to mine the Clarion-Clipperton Zone in the Pacific Ocean, which contains valuable polymetallic nodules. The permit process requires a five-year environmental review costing $70 million. Bahrain's sponsorship is part of its economic diversification strategy, although it has not made financial commitments to the company. Impossible Metals has also applied for a permit to mine around American Samoa.
Why It's Important?
Bahrain's sponsorship of Impossible Metals highlights the growing interest in deep-sea mining as a means to access critical minerals for electric vehicles and electronics. This move could reduce reliance on land-based mining, offering environmental benefits. However, deep-sea mining raises concerns about potential impacts on ocean ecosystems, necessitating thorough research and regulation. Bahrain's involvement signals a shift towards diversifying its economy beyond oil, potentially leading to future investments in related industries. The development of environmentally friendly mining technologies by Impossible Metals could set new standards for the industry.
What's Next?
The ISA is expected to finalize deep-sea mining rules within the next five years, which will be crucial for the industry's future. Impossible Metals will conduct an extensive environmental review to assess the impact of its mining activities. The company's application with U.S. officials to mine around American Samoa indicates potential expansion of operations. Stakeholders, including environmental groups and industry leaders, will likely engage in discussions about the sustainability and regulation of deep-sea mining practices.
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