Two companies announced on Wednesday their intentions to acquire offshore seabed acreage on the Norwegian continental shelf for mineral exploration, marking the potential inception of a controversial new mining industry. Norway is poised to become the first nation to commence commercial production of metals like copper, cobalt, zinc, and rare earth elements (REE) from its continental shelf, which are crucial for transitioning away from oil and gas.
Nominations for seabed acreage, submitted by the May 21 deadline, will set the stage for Norway’s inaugural seabed mineral exploration licensing round later this year, according to Norwegian authorities. The country’s energy ministry has yet to comment on the process.
Loke, a startup backed by TechnipFMC, Wilhelmsen, and Kongsberg Gruppen, revealed that it had nominated numerous blocks rich in polymetallic crusts containing cobalt and rare earth elements. “We are encouraged by the significant resource potential and are looking forward to the first licensing round,” Loke’s CEO Walter Sognnes said in an email to Reuters.
Oslo-listed Green Minerals has also nominated four areas, each consisting of multiple blocks, and anticipates beginning pilot production by 2028, as per a recent investor presentation.
Environmental organizations, including Greenpeace, have urged a global moratorium on seabed mineral mining, citing the risk of irreversible harm to little-studied marine life. In response, the Norwegian government asserts that the exploration phase will help assess the environmental impact and enhance knowledge of seabed ecosystems.
Norwegian oil firm Aker BP AKRBP has not disclosed whether it submitted nominations but has previously expressed interest in exploring the resource potential. The government plans to issue the first licenses in 2025, but companies will need additional approvals to start production. Furthermore, the Norwegian parliament, which decided in January to open extensive areas in the Norwegian and Greenland Seas for potential mining, must approve the initial projects.
