Nauru Plans to Expedite Deep Sea Mining Rules by ISA
Deep Sea MiningBloomberg

Nauru Plans to Expedite Deep Sea Mining Rules by ISA

Reuters reported that the government of Nauru plans to ask the International Seabed Authority to fast-track the adoption of seabed mining regulations, in a

Reuters reported that the government of Nauru plans to ask the International Seabed Authority to fast-track the adoption of seabed mining regulations, in a sign of growing pressure to launch the controversial new industry. The so-called "two-year rule" would compel the ISA to allow seabed mining to go ahead within two years, effectively setting a deadline for the body to finalize mining regulations.

The Pacific island nation roughly 2,800 miles northeast of Australia is a sponsoring state for The Metals Co, formerly known as DeepGreen, which plans to list on the Nasdaq next month in a merger with blank-check company Sustainable Opportunities Acquisition Corp.

Under the United Nations Convention on the Law of the Sea, private mining companies must be sponsored by a state in order to do seabed mining. The Metals Co is also sponsored by Kiribati and Tonga. Any ISA member state that either holds or sponsors a deep-sea exploration license for a private company can trigger the two-year rule.

Deep-sea mining involves sucking up potato-sized rocks that contain cobalt, nickel and other battery metals and are strewn across the Pacific Ocean floor.

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