Green Minerals listed in Oslo with aim to mine ocean floor in 2026
23/03/2021 12:31
OSLO, March 23 (Reuters) - Cyprus-based Seabird Exploration
SBX.OL on Tuesday listed its deep-sea mining arm Green
Minerals GEM-ME.OL , which aims for mineral production off
Norway in 2026.
In a separate statement, it also said it would collaborate
with a consortium led by Oil States Industries, a subsidiary of
oil service firm Oil States International OIS.N , to develop a
harsh environment deep sea mining system, and for the longer
term would seek mining rights outside Norway.
Green Minerals and other advocates say offshore extraction
of metals to build electric car batteries, wind turbines and
solar panels could help Europe and the United States to reduce
dependence on China.
Environmentalists, however, say that seabed mineral
production could destroy little-known organisms on the ocean
floor, and until more research has been done to understand the
impact, such plans should be put on hold.
Green Minerals shares traded at 31 crowns per share by 1134
GMT on Euronext Growth Oslo, which aims to promote growth among
smaller companies.
"The green energy transition is driving new demand for key
minerals essential to electrification and digitisation. At the
same time, new resources are becoming less accessible as land
ore grade declines," the company said in a statement.
In January, Norway launched a process to open areas of its
extended continental shelf to exploration for seabed minerals,
with the first licences potentially issued as early as
2023. urn:newsml:reuters.com:*:nL8N2JJ2NG
The government-led expeditions discovered ore deposits
containing such metals as copper, zinc and cobalt on the ocean
floor along the Mid-Atlantic Ridge between Jan Mayen and
Svalbard Archipelago.
The International Seabed Authority, which regulates seabed
mineral exploration in international, as opposed to national,
waters, has yet to approve the rules for production.
In November, Green Minerals raised 31.7 million Norwegian
crowns ($3.70 million) via a private placement, at a
subscription price of 11 crowns per share.
$1 = 8.5706 Norwegian crowns)
(Reporting by Nerijus Adomaitis, editing by Nora Buli and
Barbara Lewis)
((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))