Trump "looks" at the sea - Signs executive order on deep-sea mining
US President Donald Trump has signed an executive order aimed at boosting the deep-sea mining industry. It is the latest effort to boost US production of nickel, copper and other critical minerals used widely across the economy.
The broad order avoids a direct confrontation with the UN-backed International Seabed Authority and is essentially intended to offset China's sweeping control over the critical minerals industry.
Parts of the Pacific Ocean and nearby areas are estimated to contain large amounts of rocks known as polymetallic nodules, filled with the building blocks for electric and electronic vehicles.
An administration official says more than 1 billion metric tons of these nodules, containing manganese, nickel, copper and other important minerals, are found in U.S. waters. Extracting them could boost U.S. GDP by $300 billion over 10 years and create 100,000 jobs, he added.
"We want the U.S. to move ahead of China in this ocean floor resource space," the official said. The order also calls on the administration to issue a report detailing areas for potential seabed exploration and to work with allies to look at ways they can share resources in international waters.
Supporters of deep-sea mining say it would reduce the need for large-scale mining operations on land, which are often unwelcome by communities. Environmental groups are calling for a ban on all activities, warning that industrial operations on the ocean floor could cause irreversible loss of biodiversity.
Each country can allow deep-sea mining in its own territorial waters, roughly up to 200 nautical miles from shore, and companies are already lining up to extract minerals in U.S. waters.
Impossible Metals earlier this month asked the administration to launch a commercial auction for access to deposits of nickel, cobalt and other critical minerals off the coast of American Samoa.
The International Seabed Authority, created by the United Nations convention on the law of the sea, which the US has not ratified, has been considering standards for deep-sea mining in international waters for years, although it has not yet formalized them due to unresolved differences over acceptable levels of dust, noise and other factors in practice.
The assets of Metals Company, among the most prominent deep-sea mining companies, increased by approximately 40%, reaching a record level of $3.39 per share.
U.S. access to critical minerals, particularly those produced by Chinese companies, has shrunk in recent months as Beijing has restricted exports of some types. That, in turn, has increased pressure on Washington to support domestic efforts.
"Trade War could increase interest rates" - Shehu: Increased uncertainty will also affect inflationary pressures
The Trade War could lead to an increase in prices and interest rates. This was stated by the Director of the Financial Stability Department of the Bank of......
NATO seeks more funds from members - Rutte aims to increase investments, despite tensions with the US
NATO Secretary General Mark Rutte has urged the 32 member countries to devote more funds, equipment and political energy to the world's largest military......
Hotel certificates only through e-Albania - Topuzi: The sector is formalized, but other standards need to be met
The government has approved a decision that focuses on improving the application process for the classification of tourist accommodation structures, by......
Rama with tourism businesses in Velipojë - "Development of tourism with the highest European standards"
Prime Minister, also chairman of the Socialist Party, Edi Rama, held a meeting with the tourism businesses of Velipoja. He considered the Velipoja area as......
Trump's tariffs, a "threat" for American firms - Companies warn that trade uncertainty could increase prices
U.S. retailers and other major companies expressed concern that so-called "reciprocal tariffs" on all U.S. trading partners, threatened by the Trump......
"Complete transformation of education and healthcare" - Berisha explains the PD-ASHM program in a meeting with medical students
"Our Greater Albania project envisages a complete transformation of education and healthcare." This was stated by the leader of the Democratic Party, Sali......
Public contracts, 20 operators excluded - PPA: 50% of them submitted false data in tenders
20 economic operators were excluded from the right to win public contracts during 2024. According to data from the Public Procurement Agency, 10 of them were......
Trump "protects" the rich - Refuses to raise taxes on millionaires to prevent their exodus
President Donald Trump said he doesn't want to raise taxes on the wealthy because he's afraid they'll leave the country. When a reporter asked Trump if he......
