Source: Chinadialogue Ocean
Improved recycling and a circular economy negates the need for costly and damaging mining of the deep seabed.
The world’s first deep-sea mining project to be given an operating licence – Nautilus Minerals’ “Solwara 1” project off Papua New Guinea – appears to have ground to a halt in the face of concerns about its environmental impact and community opposition, culminating in legal action and public appeals to the new national government.
With a resulting lack of investor interest and the loss of its production support vessel last year, it’s difficult to see what the company might now achieve. In its wake, Nautilus has left the Papua New Guinea government facing a debt equivalent to one-third of the country’s annual health budget for its nine million people. The fate of Nautilus should send a warning to investors, and nations considering joint ventures with companies.
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