Why Australia's so called 'Elon Musk' is racing to mine the deep sea | Four Corner Documentary

Key Concepts

• Deep Sea Mining
• Polymetallic Nodules
• International Seabed Authority (ISA)
• Clarion-Clipperton Zone (CCZ)
• The Metals Company (TMC)
• Environmental Impact
• Moratorium
• Dark Oxygen
• Sponsoring State

Deep Sea Mining: The Final Frontier

The video explores the emerging industry of deep sea mining, focusing on the potential exploitation of polymetallic nodules found on the ocean floor. These nodules contain critical minerals like nickel, copper, cobalt, and manganese, essential for the clean energy transition. The deep sea, covering 70% of the planet, remains largely unexplored and unexploited, making it the "final frontier."

The Promise and Peril of Polymetallic Nodules

Polymetallic nodules are described as "rocks" on the ocean floor containing key metals for clean energy. Jared Baron, CEO of The Metals Company (TMC), highlights the economic value, estimating reserves in the Clarion-Clipperton Zone (CCZ) at $20 trillion. He argues that deep sea mining is more environmentally sustainable than land-based mining, claiming the abyssal zone is a "lifeless desert" with minimal biomass.

The International Seabed Authority (ISA): Regulating the Deep

The International Seabed Authority (ISA), established in 1994, is tasked with regulating deep sea mining in international waters, which are considered the "common heritage of humankind." The ISA is responsible for creating mining regulations, a process that has been ongoing for 30 years. The ISA's Secretary General, Leticia Carvalho, emphasizes the complexity of the issue and the need for heavy regulation.

The Clarion-Clipperton Zone (CCZ): A Seabed Bonanza

The Clarion-Clipperton Zone (CCZ), located between Hawaii and Mexico, is identified as the area with the largest concentration of polymetallic nodules. It is larger than the European Union and lies in international waters. TMC and 16 other operators have exploration permits from the ISA. Baron estimates over 20 billion tons of nodules in their focused area, containing high grades of nickel and copper.

The Metals Company (TMC) and Jared Baron

Jared Baron, described as Australia's Elon Musk, is the leading proponent of deep sea mining and the founder/CEO of The Metals Company (TMC). He argues that nodule mining is essential for electric vehicle batteries and electrification. Baron claims TMC has invested over $500 million in exploration and research. He seeks US permits to mine the Pacific seafloor, aligning with Donald Trump's executive order.

Environmental Concerns and Scientific Debate

Marine scientists, like Patricia Esquet from DOSI, challenge the "lifeless desert" claim, emphasizing the high biodiversity in nodule fields, with around 80% of species being new to science. Concerns are raised about the potential for severe and permanent impacts on deep sea ecosystems, which recover slowly. The nodule retrieval process creates sediment plumes that could disrupt marine life and fisheries.

Donald Trump's Executive Order and Geopolitical Rivalry

Donald Trump's executive order prioritizing undersea critical mineral mining is seen as a threat to the ISA and international law. It is described as "unlawful and illegal" by Secretary General Carvalho. The move is framed as a response to China's dominance in critical minerals, with Baron warning that China aims to control deep earth, space, and ocean resources.

Pacific Island Nations: Caught in the Middle

Pacific island nations like Nauru and Tonga are partnering with TMC as sponsoring states, hoping to benefit from royalties, jobs, and training. However, concerns are raised about potential exploitation and financial vulnerability. Reverend Dr. Unate Carter criticizes the lack of transparency and public consultation in Tonga's deal with TMC. The sponsorship agreement could override Tonga's laws and expose the nation to financial liability.

The Push for a Moratorium

President Whips of Palau is leading a push for a moratorium on deep sea mining, citing financial and scientific concerns. He argues that "plain old greed" is driving the industry. 37 countries have committed to a precautionary pause or moratorium.

CSRO's Involvement and Greenwashing Accusations

Australia's Peak Government Scientific Organization, CSRO, is working with TMC to develop an environmental management framework. This partnership has drawn criticism, with accusations of "greenwashing" the industry. CSRO maintains its independence and commitment to impartial, evidence-based research.

The Discovery of Dark Oxygen

Professor Andrew Swedman discovered that polymetallic nodules might produce oxygen, a phenomenon called "dark oxygen." This finding challenges existing scientific understanding and could impact the assessment of deep sea mining's environmental impact. Baron dismisses Swedman's research as flawed and motivated by fame.

ISA Investigation and Potential Sanctions

The ISA has launched an investigation into TMC's potential breach of international law and existing contracts due to its pursuit of US mining permits. Secretary General Carvalho warns of potential litigation or sanctions against TMC.

Short Selling and Financial Viability Concerns

Ano Vagner of Iceberg Research, known for exposing fraudulent practices in listed companies, has investigated TMC and concluded that its financial projections are unrealistic. He points to the failure of Nautilus Minerals, a previous venture involving Baron, as a cautionary tale. Vagner predicts Baron will sell his stake in TMC once it reaches peak valuation.

Conclusion: A Battle Between Protection and Exploitation

The video concludes that deep sea mining is a battle between protection and exploitation, pitting Donald Trump's resource grab against nations seeking a moratorium. The potential environmental consequences, the financial risks for vulnerable nations, and the geopolitical implications remain significant concerns. The future of the deep sea hangs in the balance, with the promise of clean energy minerals weighed against the potential for irreversible ecological damage.