With ocean mining flagged as one of the issues to be addressed by the Foresight Marine review this article is a mine of useful reference information.

Adam Minter is a Bloomberg View columnist. He is the author of “Junkyard Planet: Travels in the Billion-Dollar Trash Trade.”

Is Ocean Mining a good idea?

While commodities traders still work their way out of a historic slump, Japan is looking ahead to the next boom. According to Bloomberg News, next year a group of Japanese companies and government agencies will start mining minerals at a site 1,000 miles southwest of Tokyo — and one mile beneath the ocean’s surface. It will be the first large-scale test of whether mineral deposits can be mined commercially from the seafloor.

The project is fairly bold. The seafloor is home to priceless deposits of minerals such as gold, copper and cobalt. And thanks to new technologies, it might soon be exploitable. That’s potentially good news for miners and commodity speculators. But it poses some alarming challenges for the marine environment — and the economies that depend on it. At least as far back as the 1960s, scientists have known that rich deposits of minerals could be found in metallic nodules strewn like stones across the deep seabed. In 1977, researchers discovered hydrothermal vents on the ocean floor, along with some of the richest ore bodies in the world. In both cases, though, slumping commodity prices and high extraction costs doomed exploitation efforts.

China changed everything. As its economy picked up earlier this decade, and demand for commodities surged, the search for alternative sources of raw materials gained steam. Resource-poor Japan resuscitated its interest in seabed mining. China started building its own underwater mining capabilities, including a proposed partnership with India. Between 1984 and 2011, the International Seabed Authority — which oversees seabed mining under a United Nations convention — issued just six exploration permits. Since 2011, it’s issued 21, covering nearly 400,000 square miles of ocean floor that could one day be mined. Click here to read more